The insurance sector in Cambodia recorded total gross premiums of $356.4 million in 2024, reflecting a 3.5% increase compared to 2023, according to the Insurance Regulator of Cambodia (IRC).
Total claims paid out by insurers reached approximately $79.7 million last year, an 18.9% rise from the $67 million reported in 2023. Meanwhile, the industry’s total assets have surpassed $1 billion.
For the third quarter of 2024, the industry maintained steady growth, with gross premiums reaching $94.48 million. This represents an 8.1% increase from $87.38 million in the same period of 2023.
Life insurance contributed $53 million in premiums during the quarter, growing by 11.2% year-over-year. General insurance premiums increased by 4.3%, reaching $40.91 million. Endowment policies accounted for the largest share of life insurance products, followed by term life policies. In general insurance, property coverage remained the top segment, alongside medical and auto insurance.
Claim payouts for the quarter amounted to $24.37 million, reflecting a 46.8% increase from the $16.59 million reported during the same period in 2023.
IRC director general Bou Chanphirou highlighted the sector’s role in economic development and social security, stating that further public awareness is needed to enhance insurance adoption.
“The insurance penetration and insurance density numbers illustrate that the Cambodian insurance market has potential room for further growth. There is also a need for public outreach and education on the benefits and advantages of insurance,” he said, as reported by Khmer Times.
According to the IRC, Cambodia’s insurance penetration rate stood at 1.16% of GDP in 2023, with an insurance density of $21 per capita.
The sector includes 18 general insurance providers, 14 life insurers, seven microinsurance firms, one reinsurance company, 20 brokerage firms, 39 insurance agents, three loss adjustors, two claims management firms, and one actuarial services provider.