Cambodia goals to obtain an insurance penetration charge of 5.5% with trade density amounting to $135 by 2030 from lower than $20 in 2021, in accordance to Mr Bou Chanphirou, the director basic of the Insurance Regulator of Cambodia (IRC).
He mentioned this in his keynote deal with at an occasion of the American Chamber of Commerce, that had the theme “The Future of the Insurance Industry” in Cambodia, reported Khmer Times.
Cambodia’s insurance penetration charge stood barely above 1% of the GDP and insurance density amounted to $18.75 in 2021.
The IRC has formulated the ‘Strategic Development Plan for the Insurance Sector 2021-2030’, aimed toward reworking the insurance market by 2030.
“These targets demonstrate the potential for further investment and future growth of the insurance market in Cambodia for the coming years. Participation from the private sector and relevant stakeholders are inevitably significant to make this possible,” Mr Chanphirou mentioned.
He mentioned that in the final decade, Cambodia’s insurance market noticed dynamic and quick development. “The market size has increased by about 20% on average per annum over the last five years. Even though Cambodia faced serious COVID-19 challenges in 2020 and 2021, the insurance market still achieved positive growth by about 8% in 2020 and 10% in 2021,” he mentioned. Gross insurance premium generated in the nation amounted to $300m in 2021.
According to Mr Chanphirou, there are 94 insurance establishments in Cambodia, comprising 40 insurance firms (18 basic insurance firms, 14 life insurance firms, seven micro-insurance firms and one reinsurance firm); 18 insurance brokers; 34 insurance brokers, and two insurance loss adjusters.
To learn the unique story, please click on right here.
