Property Insurance Premiums with US$14M in first quarter of 2023 Signals Resilience of Cambodia’s Insurance Sector

• 8 June 2023
• Local News
• 1580 Views

The property insurance market in Cambodia has demonstrated remarkable strength in the first quarter of 2023, with premiums amounting to an impressive US$14 million. This represents a notable surge of 15.6 percent compared to the corresponding period last year, during which premiums stood at US$12 million.

These figures, revealed in the recent report by the Insurance Regulator of Cambodia, highlight the growing importance of property insurance within the broader landscape of the country’s general insurance sector.

The general insurance domain in Cambodia encompasses a diverse range of coverage, including property, automobile, transportation, engineering, personal accidents, medical, and miscellaneous insurance.

According to the report released in June, the total premium for general insurance reached US$42 million in the first quarter of 2023, registering a commendable year-on-year increase of 6.5 percent.

Notably, property insurance claims the largest share, constituting 34 percent of the overall general insurance premiums. This statistic further underscores the significance of property insurance as a crucial component of the insurance market in Cambodia.

The steady growth of Cambodia’s insurance industry, comprising general insurance, life insurance, and micro-insurance, has been a consistent trend in recent years. In 2023, the sector witnessed a robust year-on-year increase of 5.6 percent, generating a total gross premium of US$93 million.

These encouraging figures affirm the resilience and potential of Cambodia’s insurance landscape, which continues to evolve and adapt to the evolving needs of the market. As the property insurance segment thrives and contributes significantly to the sector’s overall growth, it plays a vital role in safeguarding the interests and investments of individuals and businesses alike.