Cambodia's insurance industry grows by 9.5% despite pandemic

Phnom Penh, March 6 Cambodia's insurance industry reported a total premium of $293.4 million in 2021, up 9.5 per cent year-on-year, despite the economic fallout from the Covid-19 pandemic, according to an official report.

The report published by the Insurance Regulator of Cambodia (IRC) on Saturday said the growth was generated from 18 general insurers, 14 life insurers, seven micro-insurance companies and one reinsurance firm, Xinhua news agency reported.

The gross premium of general insurance market in 2021 was almost $123 million, an increase of 7.4 per cent compared to 2020, while life insurance premium totaled $170.4 million, up 11 per cent, the report added.

IRC's director general Bou Chanphirou said that the insurance industry has been playing an important role in supporting social and economic sectors.

"With Cambodia's political stability and positive economic growth under the leadership of Prime Minister Hun Sen, the insurance market has been growing rapidly," he said.

Chanphirou said the insurance industry contributed about 1.1 per cent to the kingdom's gross domestic product (GDP).

According to the IRC, the country's insurance penetration stood at 1.1 per cent last year, slightly up from 1.04 per cent in the year before, while insurance density amounted to $17.5 per capita, up from $16.3.

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