Cambodia's Insurance Industry Grows by 3 pct in 2023
Speaking at an insurance seminar here in Phnom Penh on Thursday, IRC's director general Bou Chanphirou said the insurance industry plays an important role in supporting the country's social security and economy. Photo: IRC/Facebook
- By Xinhua News Agency
- February 16, 2024 11:55 AM
PHNOM PENH -- Cambodia's insurance industry recorded a total premium of 342 million U.S. dollars in 2023, up 3 percent from 331.8 million dollars in a year earlier, a report of the Insurance Regulator of Cambodia (IRC) showed on Thursday.
The growth was generated from 18 general insurers, 15 life insurers, seven micro-insurance companies and one reinsurance firm, the report said.
It added that the total amount of claims paid out by the insurers was 60.8 million dollars last year, an increase of 30 percent from 46.6 million dollars in the year before.
According to the report, Cambodia's insurance industry currently has around 1 billion dollars in total assets.
Speaking at an insurance seminar here in Phnom Penh on Thursday, IRC's director general Bou Chanphirou said the insurance industry plays an important role in supporting the country's social security and economy.
"Based on the insurance penetration rate of about 1.14 percent and insurance density of 20.72 U.S. dollars per person in 2023, the insurance sector in Cambodia still has vast potential for growth in the future," he said.
