PHNOM PENH, Jan. 29 (Xinhua) -- Cambodia's insurance industry reported a gross premium of 356.4 million U.S. dollars in 2024, up 3.5 percent from 344.2 million dollars in the year before, the Insurance Regulator of Cambodia (IRC)'s report showed on Wednesday.

The growth was generated from 18 general insurers, 14 life insurers, seven micro-insurance companies, and one reinsurance firm.

The report said that the total amount of claims incurred was roughly 79.7 million dollars last year, up 18.9 percent from 67 million dollars a year earlier.

The Southeast Asian country's insurance industry currently has more than 1 billion dollars in total assets.

IRC Director General Bou Chanphirou said the insurance sector has been playing a crucial role in supporting the social security system and proactively contributing to national economic development.

He said the kingdom's insurance penetration was 1.16 percent of gross domestic product in 2023, as the insurance density was 21 dollars per person.

"These two indicators illustrate that the Cambodian insurance market has potential room for further growth in the future," Chanphirou said. Enditem

Related

Go to Forum >>0 Comment(s)