AKP Phnom Penh, February 01, 2025 -- The insurance industry has reported a gross premium of US$356.4 million in 2024, an increase of 3.5 percent compared to 2023, a report of the Insurance Regulator of Cambodia (IRC) showed.

The source indicated that the total amount of claims incurred was approximately US$79.7 million last year, marking an increase of 18.9 percent from US$67 million a year earlier.

The insurance industry currently possesses over US$1 billion in total assets.

IRC Director General H.E. Bou Chanphirou stated that the insurance sector is playing a vital role in supporting the social security system and is actively contributing to national economic development.

“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.

The Kingdom’s insurance penetration stood at 1.16 percent of the gross domestic product in 2023, with the insurance density at US$21 per person, he pointed out. 

The Cambodian insurance market has 18 general insurance companies, 14 life insurance companies, seven microinsurance companies, one re-insurance company, 20 insurance brokers, 39 insurance agents, three loss adjustors, two claim managements and one actuarial company.

By Chea Vannak