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Insurance industry in Cambodia registers growth of 10.6 percent in 2022
Cambodia’s insurance industry recorded a total premium of $331.8 million in 2022, up 10.6 percent from $299.8 million in a year earlier, a report by the Insurance Regulator of Cambodia (IRC) showed on Friday.
The growth was generated from 18 general insurers, 14 life insurers, seven micro-insurance companies and one reinsurance firm, the report said.
The gross premium of general insurance market in 2022 was $132.3 million, an increase of 7 percent compared to 2021, while life insurance premium totaled $193.8 million, up 12.6 percent, and micro-insurance premium amounted to $5.7 million, up 35 percent, the report added.
It added that the total amount of claims paid out by the insurers was $46.6 million last year, up 2.1 percent from $45.6 million in the previous year.
According to the report, Cambodia’s insurance market currently has a total asset value of approximately $977 million, up 14.8 percent year-on-year.
IRC’s director general Bou Chanphirou said the insurance industry has contributed about 1.1 percent to the Southeast Asian country’s gross domestic product (GDP) per year.
“This shows that the growth of Cambodian insurance sector is still relatively low compared to the region and the world,” he said. “It indicates that Cambodia’s insurance market still has more room to grow.” Xinhua