Gross premiums in the insurance industry reached $142.9 million last year, a 26 percent rise on the figure of $113.5 million the year before, according to the Insurance Association of Cambodia (IAC).
In 2017, general insurance experienced moderate growth of seven percent to about $75.4 million compared with 2016.
However, gross life insurance premiums reached $67.5 million last year, up 56 percent from the 2016 figure of $43.1million.
“The rise of gross premiums in the insurance industry demonstrates the increasing demand from Cambodians for financial and risk management solutions,” an IAC report says.
IAC chairman Huy Vatharo said the success of the insurance industry had been significantly bolstered by the country’s stable economic growth and increasing demand for protection as more Cambodians understood the concept of insurance.
“I’m very excited to witness the industry growing throughout the past years, especially in 2017, when the number of insurers operating in Cambodia grew to 13, six of which are from the still-new life insurance industry which started in 2012,” he said.
“The presence of these insurance companies has a very positive impact on society through risk mitigation, job creation, talent development in the insurance sector and many more ways.”
