Cambodia: Insurance market grows by 2.6% in third quarter
Source: Asia Insurance Review | Dec 2023
Cambodia’s insurance industry recorded a premium of $87.3m in the third quarter of 2023, up 2.6% from $85m in the corresponding quarter last year, according to a report by the Insurance Regulator of Cambodia (IRC).
The gross premiums from general insurance were $37.2m in the third quarter of this year, a year-on-year increase of 8.74%, reported Khmer Times. Life insurance premiums totalled $48.1m, dipping by 2.4% while microinsurance premiums reached $1.9m, shooting up by 28.3%.
The report said that the total amount of gross claims paid out by the insurers was $17m in the July-September quarter, jumping by 33.5% from $12.8m a year earlier.
According to the report, Cambodia’s insurance sector had $1.06bn in total assets as of 30 September, a year-on-year increase of 9%.
The insurance industry includes 18 general insurers, 14 life insurers, seven microinsurance companies, and one reinsurance firm. A