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Insurance Sector Logs US$356 Million in Gross Premium in 2024


Phnom Penh: 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.



According to Agence Kampuchea Presse, 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. He emphasized the potential for further growth in the Cambodian insurance market, citing the current insurance penetration and density numbers.



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. This data highlights the need for public outreach and education on the benefits and advantages of insurance.



The Cambodian insurance market comprises 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.