Cambodia: Premium growth forecast to exceed 30% this year
Source: Asia Insurance Review | Sep 2019
The Cambodian insurance industry is expected to see gross premiums surge by around 30% to about $260m this year from $196.4m last year, the Ministry of Economy and Finance said.
The ministry said the sector’s annual growth was about 35% in the last five years and expects it will keep increasing by at least 32% this year, reported Phnom Penh Post quoting a ministry statement.
Minister of economy and finance Aun Pornmoniroth said that Cambodia’s insurance industry has become the main contributor to the non-banking sector. He said the industry’s gross premium collections are invested as saving deposits in banks or as funds in the capital market.
There are currently 13 general insurers, 11 life insurers and seven microinsurance providers in Cambodia. A