Insurance premiums hit over $35 million in August

Insurance premiums hit over $35 million in August

The insurance penetration illustrates that the Cambodian insurance market has room for further growth.

Cambodia’s insurance sector saw its total gross premium reach $35.2 million in August this year, up 9.24 percent from $32.2 million in August last year, a report from the Insurance Regulator of Cambodia (IRC) showed yesterday.

Life insurance recorded a moderate growth of 4.23 percent to $19.6 million, while general insurance saw a growth of 16.28 percent to $15.5 million during the same period, said the report.

The total amount of claims paid out by the insurers stood at $9.7 million, down 57.6 percent from $6.1 million recorded in the same period last year, stated the report.

Bou Chanphirou, Director General of the Insurance Regulator of Cambodia (IRC), has consistently highlighted that the insurance sector in Cambodia has shown remarkable growth and governance improvements.

“The insurance penetration and insurance density numbers illustrate that the Cambodian insurance market has potential room for further growth,” he said.

He reaffirmed the IRC’s commitment to strengthening the rule of law in the insurance sector, building trust among the population, and ensuring that insurance remains an inclusive tool for financial protection.

The IRC has been actively working to promote the insurance sector and build public trust, which would help consumers understand the legal process of the insurance sector and its benefits, he added.

The IRC has also been focusing on disseminating educational materials and enhancing its regulatory framework to ensure the long-term stability and resilience of insurers and private pension operators in line with regional and global standards.

Cambodia had 59 licensed insurance operators, including 17 general insurers, 12 life insurers, 8 micro-insurers, 2 reinsurance companies, 16 brokers, and 4 loss adjusters.

khmertimeskh