Insurance sector sees healthy expansion

While the Insurance Association of Cambodia (IAC) report did not break down the growth by type, IAC Chairman Huy Vatharo said life insurance accounted for the biggest upswing in terms of percentage, while general insurance, including fire, health and vehicle coverage, saw modest gains.
“I’m very excited to see prosperity of the insurance sector in Cambodia alongside the country’s economic rise,” he said. “This reflects a higher understanding among the population and business institutions towards the concept of insurance.”
Cambodia’s insurance industry consists of seven general insurers and six life insurers. 
Life insurance, which only entered the market five years ago, has experienced substantial growth, with over $1 billion worth of coverage issued in the first half of this year, according to the report.
Robert Elliott, vice chairman of the IAC, said the past five years had shown an extraordinary growth in life insurance premiums, underpinned by efforts from the Ministry of Economy and Finance (MEF) to educate customers about the need for long-term financial planning.
“As a result of that, more Cambodians trust the life insurance business and allow us to protect their family,” he said, adding that continued support and further collaboration with the MEF would allow the sector to build a stronger financial future for the country.