Cambodia's insurance industry grows by 9.5 pct in 2021 despite pandemic

Phnom Penh (Cambodia), March 6: Cambodia's insurance industry reported a total premium of 293.4 million U.S. dollars in 2021, up 9.5 percent year-on-year, despite the economic fallout from the COVID-19 pandemic, according to a report of the Insurance Regulator of Cambodia (IRC) on Saturday.
The growth was generated from 18 general insurers, 14 life insurers, seven micro-insurance companies and one reinsurance firm, the report said.
The gross premium of general insurance market in 2021 was almost 123 million dollars, an increase of 7.4 percent compared to 2020, while life insurance premium totaled 170.4 million dollars, up 11 percent, the report added.
IRC's director general Bou Chanphirou said at a dissemination seminar on sub-decree on insurance on Friday that the insurance industry has been playing an important role in supporting social and economic sectors.
"With Cambodia's political stability and positive economic growth under the leadership of Prime Minister Samdech Techo Hun Sen, the insurance market has been growing rapidly," he said.
Chanphirou said the insurance industry contributed about 1.1 percent to the kingdom's gross domestic product (GDP).
According to the IRC, the country's insurance penetration stood at 1.1 percent last year, slightly up from 1.04 percent in the year before, while insurance density amounted to 17.5 dollars per capita, up from 16.3 dollars.
Source: Xinhua