Cambodia’s Insurance Industry Maintains Growth in 2022

The Cambodian insurance sector in Cambodia continued to grow, with insurance premiums increasing by 10.6 percent to US$331.8 million in gross premium in 2022, a report by the Insurance Regulator of Cambodia (IRC) showed.

General insurance accounted for 58.4 percent of total premiums, with life insurance commanding a 39.9 percent share, followed well behind by micro insurance at 1.7 percent.

Gross premium revenues for general insurance rose by 12.6 percent to US$193.8 million and life insurance premiums totaled US$132.3 million, an increase of 7 percent, read the report.

Premiums for micro insurance reached US$5.7 million, up 35.3 percent from 2021.

Insurers paid out a total of US$46.5 million in gross claim in 2022, an increase of 2.16 percent over 2021.

There are 18 general insurers, 14 life insurers, seven micro-insurance companies and one reinsurance firm in Cambodia.

According to the report, the Kingdom's insurance market currently has a total asset value of approximately US$977 million, up 14.8 percent year-on-year.

Source: Agence Kampuchea Presse