Cambodia’s insurance sector registered stable growth in the third quarter of 2024, reporting $94.48 million in gross premiums, according to the Insurance Regulator of Cambodia (IRC).
The latest figure is an 8.1% increase from $87.38 million during the same period in 2023.
Life insurance premiums rose by 11.2%, totalling $53 million, while general insurance premiums increased by 4.3% to reach $40.91 million, the IRC report noted.
Endowment policies accounted for the largest portion of life insurance sales, followed closely by term life policies. In the general insurance segment, property insurance remained the top seller, with medical and auto insurance rounding out the main categories.
Insurers paid $24.37 million in claims during the third quarter, marking a 46.8% rise from the $16.59 million disbursed during the same period last year.
IRC director general Bou Chanphirou stated that the country’s insurance penetration and density indicate growth potential, with the need for public outreach efforts to raise awareness about the advantages of insurance coverage.
“The insurance penetration and insurance density numbers illustrate that the Cambodian insurance market has potential room for further growth,” he said, as reported by Khmer Times. He emphasised public education as a key driver for the industry.
The report highlighted that as of 2024, Cambodia’s insurance industry comprises 105 licensed entities, including:
Total assets across the sector exceed $1 billion.
Meanwhile, an IRC report published in February 2024 showed that the Cambodian insurance sector grew 3% year-on-year in 2023, with total premiums reaching $342 million, up from $331.8 million in 2022. The sector’s total assets have remained close to $1 billion.
Insurance companies paid out $60.8 million in claims over the course of 2023, representing a 30% increase from $46.6 million in claims during the previous year.
These figures reflect steady, albeit tempered, growth in Cambodia’s insurance market, with continued expansion seen as possible through targeted outreach and a focus on increasing the public’s understanding of insurance products and benefits.
