Cambodia: Insurance industry to grow over 32% this year

| 06 Aug 2019

The Cambodian insurance industry's gross premiums is expected to grow from $196.4 million last year to $260m this year, said the Ministry of Economy and Finance.

The ministry said the sector’s annual growth rate, which was about 35% in the last five years, is expected to be at least 32% this year, reported Phnom Penh Post citing a ministry statement.

Minister of Economy and Finance Aun Pornmoniroth said during Insurance Day celebrations that Cambodia’s insurance industry is progressing rigorously and has become the main contributor to the non-banking sector.

There are 13 general insurance companies in Cambodia, 11 life insurance ones and seven involved in microinsurance, according to the ministry’s secretary of state Ngoun Sokha. He said the industry’s total assets last year was $427million, while it paid out over $25 million in claims.

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. Gross premium reached $196.4 million, compared with $151.6 million in 2017. Of the total, sales from general insurance grew 15%, while life insurance grew 50.6%.

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