Insurance market grows 5.6% in third quarter

Insurance market grows 5.6% in third quarter

Chanphirou says the sector maintains positive growth despite external challenges, demonstrating the resilience of Cambodia’s insurance industry.

Cambodia’s insurance market recorded a 5.6% year-on-year increase in gross premiums in the third quarter of 2026, reaching $102.41 million, driven by strong growth in life insurance despite a slight decline in general insurance, according to data released by the Insurance Regulator of Cambodia (IRC) yesterday.

Life insurance remained the main growth driver, with gross premiums rising 11.4% to $57.68 million from $51.78 million in the same period last year.

In contrast, gross premiums from general insurance fell 1.1% to $44.73 million, compared with $45.23 million in the third quarter of 2025.

Net premiums earned across the market also increased 5.6% year-on-year to $74.05 million, up from $70.15 million a year earlier.

Life insurance accounted for most of the increase, with net premiums earned climbing 11.4% to $56.05 million from $50.29 million. Meanwhile, general insurance net premiums earned declined 9.3% to $18 million from $19.86 million.

Gross claims incurred rose 9.6% to $25.97 million in the third quarter, compared with $23.7 million in the same period last year, reflecting an increase in claims across the market.

IRC Director-General Bou Chanphirou said the sector had maintained positive growth since the beginning of the year despite external challenges, demonstrating the resilience of Cambodia’s insurance industry.

“In terms of the growth of the insurance sector, from the beginning of the year, we have seen an increase of 5%, which shows the resilience of the insurance sector in Cambodia. Even if we have foreign crises or border issues, the sector has maintained positive growth,” Chanphirou said at a recent insurance event.

The IRC is working to strengthen the insurance sector and build public trust by monitoring insurers’ compliance with regulations to promote fair business practices, maintain financial stability and protect consumers.

As part of efforts to modernise the industry, the Insurance Data Centre is scheduled to launch a fully electronic public service platform on January 1, 2027. The initiative is expected to support more efficient data management, streamline public services and enhance the sector’s competitiveness.

Despite the market’s growth, insurance penetration in Cambodia remains relatively low, at around 1.2% of gross domestic product.

The government has set a long-term target of increasing the country’s insurance penetration rate to 5.5% by 2030, underscoring the potential for further expansion as awareness of insurance and demand for financial protection develop.

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