The insurance premium was US$293.4 million in 2021, a year-on-year increase of 9.5 percent, despite the economic fallout from the COVID-19 pandemic.
The growth was generated from 18 general insurers, 14 life insurers, seven micro-insurance companies and one reinsurance firm, according to a report of the Insurance Regulator of Cambodia (IRC).
The gross premium of general insurance market in 2021 was almost US$123 million, an increase of 7.4 percent compared to 2020, while life insurance premium totaled US$170.4 million, up 11 percent, the report added.
IRC’s Director-General H.E. Bou Chanphirou said at a dissemination seminar on sub-decree on insurance held in Siem Reap province last Friday 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 Samdech Techo Hun Sen, the insurance market has been growing rapidly,” he said.
H.E. Bou Chanphirou stressed that the insurance industry contributed about 1.1 percent to the Kingdom’s gross domestic product (GDP).
Source: Agency Kampuchea Press