Thailand
Cambodia: Insurance premium rises 20 percent to over $28 million in May
The insurance sector in Cambodia logged more than $28 million in premiums in May this year, a 20 increase compared to the same month in 2022.
The growth was driven by 18 general insurers, 14 life insurers, seven micro-insurance companies, and one reinsurance firm. The gross premium of the general insurance market in May this year rose 15.65 percent to $12.3 million, from $10.6 million in May 2022.
Life insurance premium totalled $15.2 million, up 25.15 percent, while micro-insurance premiums amounted to $0.56 million, up 20.46 percent, the report said.
The total amount of claims paid out by insurers during the period increased 52.5 percent to $5.5 million, from $3.6 million in May last year.
The May gross premium increased by 16.6 percent from $24 million in April.
In 2022, Cambodia’s gross insurance premium reached approximately $330 million, an increase of 10.68 percent, according to the IRC’s report.
The increasing insurance premiums last year reflected the strength of the insurance market in Cambodia, as the insurance sector contributed about 1.1 percent to the country’s gross domestic product (GDP) per year, said Touch Menglong, Director of IRC’s Marketing Development
The insurance density in the country is about $21 per person, which indicates that the insurance sector will have a great potential for future development, he said.
According to the Insurance Regulator of Cambodia, the increased insurance premiums have reflected the strength of the insurance market in the Kingdom.
The IRC has set a goal of achieving an economic insurance contribution rate of 5.5 percent and an insurance premium rate of $135 per capita by 2030. To achieve the goal, all stakeholders have to strengthen the capacity of human resources with public awareness campaigns.
Source: https://www.khmertimeskh.com/501318377/insurance-premium-rises-20-percent-to-over-28-million-in-may/