Thailand
Cambodia’s insurance industry grows 20 percent annually in last 5 years
Cambodia’s insurance industry has seen remarkable development in the last five years, with an averagely annual growth of 20 percent, senior officials said here on Monday.
Speaking at the “Insurance Day 2022”, Bou Chanphirou, director general of the Insurance Regulator of Cambodia, said the Southeast Asian country currently has 18 general insurers, 14 life insurers, seven micro-insurance companies and one reinsurance firm, as well as 18 insurance brokers, 34 corporate agents and two loss adjusters.
“Along with the increase in the number of insurance companies, the size of the insurance market was also growing rapidly, with the gross premium increasing to approximately $300 million in 2021, and the average growth rate for the last five years is about 20 percent,” he said.
“In particular, the insurance market has remarkably maintained its positive growth at 8 percent in 2020 and about 10 percent in 2021 despite the COVID-19 pandemic,” he added.
Cambodia’s insurance market has some $948 million in total assets and has created nearly 4,000 full-time and 10,000 part-time jobs, Chanphirou said. Xinhua