The Insurance Regulator of Cambodia (IRC) and Hong Kong's Chartered Insurance Institute (CII) will collaborate to strengthen Cambodia's insurance industry on professional training, knowledge exchange and capacity building.
A news report published in https://www.khmertimeskh.com/ said the two organisations recently signed a Memorandum of Understanding in Phnom Penh to initiate activities in this regard. The agreement sets the stage for collaboration on professional training, knowledge exchange, and capacity building to strengthen Cambodia’s insurance industry. The collaboration is also expected to align the country’s insurance industry with international standards.
The ceremony was presided over by IRC director general Bou Chanphirou and CII executive director Holly Porter. The collaboration will also work on equipping insurance practitioners in Cambodia with expertise to meet international benchmarks.
Speaking at the ceremony Mr Chanphirou highlighted Cambodia’s insurance journey from its reintroduction in the late 1980s to the sector’s continued modernisation.
He outlined IRC’s progress, including reforms in licensing, consumer protection, governance, solvency, and reinsurance, all designed to align with global standards under the International Association of Insurance Supervisors (IAIS). Cambodia recently became a member of IAIS.
Currently, 40 insurers are operational in Cambodia — comprising 18 general insurers, 14 life insurers, seven micro-insurers, and one reinsurer. In 2024, the market grew by 8%, generating around $357m in gross premiums and total assets exceeding $1.2bn. Despite this, Cambodia’s insurance penetration remains modest at 1.13%, with per-capita spending of just over $20.
He said the new collaboration is an important step in building capacity and unlocking growth potential. “The MoU today is a foundation for cooperation and mutual benefits between the two regulators to enable us to learn and share knowledge, experience, and best practices,” he said.
The collaboration will involve training programmes, seminars, and forums focused on emerging trends and regulatory challenges, with the aim of ensuring sustainable development in Cambodia’s insurance market.