According to Mr. Bou Chanphirou, the director general of the Insurance Regulator of Cambodia, Cambodia aspires to reach an insurance penetration rate of 5.5% with an industry density equivalent to $135 by 2030 from less than $20 in 2021. (IRC).
According to Khmer Times, he made this statement during his keynote speech at an American Chamber of Commerce event with the theme "The Future of the Insurance Industry in Cambodia."
In 2021, Cambodia's insurance penetration rate was little over 1% of GDP, with an insurance density of $18.75.
To restructure the insurance sector by 2030, the IRC has created the "Strategic Development Plan for the Insurance Sector 2021-2030."
"These goals show the possibility for additional investment and future expansion of the Cambodian insurance sector. To make this happen, participation from the corporate sector and pertinent players is unavoidably important, according to Mr. Chanphirou.
According to him, the insurance market in Cambodia has grown quickly and dynamically during the past ten years. "Over the past five years, the market's size has grown by an average of 20% annually. Despite the significant COVID-19 problems that Cambodia experienced in 2020 and 2021, the insurance sector saw good growth of roughly 8% in 2020 and 10% in 2021, according to him. In 2021, the nation generated $300m in gross insurance premium.
In Cambodia, there are 94 insurance institutions, according to Mr. Chanphirou. These institutions include 40 insurance companies (18 general insurance companies, 14 life insurance companies, seven micro-insurance companies, and one reinsurance company); 18 insurance brokers; 34 insurance agents; and 2 insurance loss adjusters.
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