Cambodia:Premiums grew 14% in the first half of last year

| 18 Feb 2020

The insurance industry in Cambodia saw premiums increase by more than 14% in the first six months of 2019.

In 1H2019, gross premiums in general insurance reached $49.3m, a surge of 14.7% compared with the same period in 2018, according to Mr Mey Vann, director-general of the Ministry of Economy and Finance.

Life insurance premiums hit $66.3m in 1H2019, an increase of 55.3%.

Mr Huy Vatharo, Chairman of the Insurance Association of Cambodia (IAC), says the market is growing rapidly and playing a bigger role every year in the country’s economic development, according to a Khmer Times report.

There are 13 general insurance companies, 11 life insurers, and 7 microinsurance companies operating in Cambodia.

The Ministry of Economy and Finance had said last year the Cambodian insurance industry's gross premiums is expected to grow over 32% from $196.4 million in 2018 to $260 million in 2019.

In 2018, the total gross premium in the insurance industry rose 30%, mostly driven by life insurance sales, according to an Insurance Association of Cambodia (IAC) report.


See also: Grand China Life Insurance partners Chief Bank to expand insurance business in Cambodia

 

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