Insurance sector logs $84M gross premium in Q2

Insurance sector logs $84M gross premium in Q2

The increase in premiums highlights the rising public awareness and confidence in insurance products in the Kingdom.

Cambodia’s insurance sector has continued its growth trajectory, with the latest report from the Insurance Regulator of Cambodia (IRC) revealing a significant increase in gross premiums for the second quarter (Q2) of this year.

The insurance sector generated a total gross premium of $84.67 million in Q2 of this year, up 4 percent from $81.16 million in June last year, a report from the IRC showed on Wednesday.

Life insurance recorded a high growth of 6 percent to $47.97 million, while general insurance saw a growth of 3 percent to $36.7 million over the same period, said the report.

Despite the growth in premiums, the report also indicated an increase in claims.

The total amount of claims paid out by the insurers stood at $24.37 million, up 7 percent from $22.8 million recorded in the same period last year, stated the report.

The IRC has been actively working to promote the insurance sector and build public trust, said IRC Director General Bou Chanphirou. The dissemination and education of the insurance sector will help consumers understand the insurance sector and its benefits, he said.

“The problem facing the insurance sector is trust, as insurance contracts are long-term contracts, so customers may be concerned about the stability of the insurance company. Therefore, experts are required to clarify and explain to the public the benefits of insurance,” Chanphirou said recently.

The sustained growth of the market, which has now reached over $1 billion in total assets, indicates that these efforts are yielding positive results.

khmertimeskh