The Cambodian insurance industry chalked up gross insurance premiums of about $330m in 2022, an increase of 10.68% over 2021.
The increased insurance premiums last year reflected the strength of the insurance market in Cambodia, which contributed 1.1% to the Southeast Asian country’s gross domestic product (GDP), reported The Khmer Times quoting the deputy director-general of the Insurance Regulator of Cambodia (IRC), Dr Hor Sovathana.
“Despite the COVID-19 crisis, the insurance sector has been able to maintain an average growth rate of 8-10% per year, reflecting the strength of the insurance market in Cambodia,” she said.
The gross premiums generated in the general insurance market in 2022 was $132.3m, an increase of 7% compared to 2021. Life insurance premiums totalled $193.8m, rising by 12.6%, and microinsurance premiums amounted to $5.7m, up by 35%.
The total amount of claims paid out by insurers was $46.6m last year, rising by 2.1% from $45.6m in the previous year.
The insurance market is served by 18 general insurers, 14 life insurers, seven microinsurance companies, and one reinsurer.
