Gross claim incurred in insurance sector falls in March 2025

Gross claim incurred in insurance sector falls in March 2025

Gross claim incurred in the Kingdom insurance sector has substantially fallen in March 2025, according to the monthly data released by the Insurance Regulator of Cambodia (IRC) recently.

The gross claim incurred in the general insurance sector saw a decline of 64.28 percent when compared to March 2024 – from $13,105,975 to $4,681,275.

Meanwhile, the gross claim incurred in the life insurance sector came down from $1,602,744 to $1,342,870 – a decline of 16.21 percent.

The gross premium in the general insurance sector reduced from $11,370,031 to $11,349,147 (0.18 percent) while that in the life insurance segment rose by 12.58 percent from $17,406,296 to $19,595,560.

The number of policies increased substantially from 22,170 to 68,271 in the general insurance sector – an increase of 207.94 percent. In the life insurance sector too, it increased from 82,541 to 115,307 (39.7 percent).

The sum insured in the general insurance sector grew from $5,601,528,518 to $6,505,912,253. In the life insurance sector the trend was opposite as the number saw a decline from $1,755,461,147 to $1,447,267,134.

Within the general insurance sector, the property segment constituted the major chunk at 37 percent. It is followed by health (22 percent), auto (20 percent), PA (10 percent), others (5 percent), MAT (4 percent) and engineering (2 percent).

The insurance industry reported a gross premium of $356.4 million in 2024, an increase of 3.5 percent from $344.2 million the previous year.

The growth was driven by 18 general insurers, 14 life insurers, seven micro-insurance companies, and one reinsurance firm.

The report indicated that the total amount of claims incurred was approximately $79.7 million last year, marking an increase of 18.9 percent from $67 million a year earlier.

The Kingdom’s insurance industry currently possesses over $1 billion dollars in total assets, the IRC has earlier pointed out.

In a statement issued to media earlier, IRC Director General Bou Chanphirou stated that the insurance sector is playing a vital role in supporting the social security system and is actively contributing to national economic development.

He noted that the Kingdom’s insurance penetration stood at 1.16 percent of the gross domestic product in 2023, with the insurance density at $21 per person.

khmertimeskh