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Cambodia’s Insurance Sector: Strategic Development Plan
Growth of the Insurance Market
The insurance market in Cambodia has shown a significant growth rate of 28% per annum, with a gross premium income of approximately USD 272 million in 2020. Despite the challenges posed by the COVID-19 pandemic, the sector continues to expand.
Key Statistics
- Gross premium income: USD 272 million (2020)
- Growth rate: 28% per annum
Insurance Density and Penetration Rate
Although the insurance market has grown, the penetration rate and density are still relatively low compared to other countries in the region, except for Myanmar and Lao PDR.
Comparison with Regional Countries
| Country | Insurance Penetration Rate (%) | Insurance Density (USD per capita) |
|---|---|---|
| Cambodia | 1.2% | 12.5 |
| Thailand | 3.5% | 35.6 |
| Vietnam | 2.5% | 25.9 |
Types of Insurance Products
Insurance companies in Cambodia have designed various types of insurance products to cater to their customers’ needs, including:
- Property insurance
- Liability insurance
- Engineering insurance
- MAT insurance
- Motor insurance
- Health insurance
- Personal-accident insurance
- Term-life insurance
- Whole-life insurance
- Endowment insurance
- Micro-insurance products
Compulsory Insurance
The following types of insurance are compulsory under the Insurance Law in 2000 and the Inter-ministerial Prakas for implementation in 2002:
- Motor Vehicle Liability Insurance or Motor Third-Party Liability (MTPL) Insurance
- Passenger Liability Insurance
- Construction Liability Insurance
Number of Insurance Companies
There are currently 38 direct-insurance companies in Cambodia’s market, including:
- 18 general-insurance companies
- 14 life-insurance companies
- 6 micro-insurance companies
Establishment of the “Credit-Guarantee Corporation of Cambodia - CGCC”
The Royal Government has recently established a public enterprise technically administered by the Ministry of Economy and Finance to provide credit guarantee insurance products in Cambodia.
Assets and Equities of Insurance Companies
As of 2020, the total assets of all insurance companies were approximately USD 741 million, and the total equities were around USD 342 million.
Future Outlook
The report highlights the growth potential of the insurance sector in Cambodia and the need for further development to increase penetration rate and density.