PHNOM PENH, (UrduPoint/Pakistan Point News – July 25, 2022) APP): Cambodia’s insurance industry has witnessed remarkable development over the past five years, growing at an average annual rate of 20 percent, senior officials said on Monday. .
Speaking at “Insurance Day 2022”, Bou Chanphirou, chief executive of Cambodia’s insurance regulator, said the Southeast Asian country currently has 18 general insurers, 14 life insurers, seven microinsurance companies and one reinsurance company, as well as 18 insurance brokers, 34 corporate officers and 2 claims adjusters.
“Along with the increase in the number of insurance companies, the size of the insurance market was also growing rapidly, with the gross premium rising to about U300 million.
S. Dollars in 2021, and the average growth rate for the past five years is around 20%,” he said.
“In particular, the insurance market remarkably maintained its positive growth at 8% in 2020 and around 10% in 2021 despite the COVID-19 pandemic,” he added.
Cambodia’s insurance market has total assets of around $948 million and has created nearly 4,000 full-time and 10,000 part-time jobs, Chanphirou said.