Cambodia’s Insurance Regulator Hosts Awareness Seminar
The Insurance Regulator of Cambodia (IRC) recently organized a dissemination seminar on “Regulation on Insurance” in Banteay Meanchey Province. The event was led by IRC’s Director General, His Excellency BOU Chanphirou, and attended by various stakeholders including the Banteay Meanchey Province deputy governor, Chhoeun Krayong, representatives from provincial departments and institutions, and students from local universities.
During the seminar, the IRC’s Director General delivered a lecture highlighting the insurance sector’s contribution to the economy and job creation. The primary objectives of the event were to raise awareness about Cambodia’s insurance sector, the IRC’s role, the country’s strategic development plan for the insurance industry, and the sector’s growth potential.
Insurance Market Update for April 2025
The IRC released its insurance market report for April 2025, comparing it to the same period in 2024. The report showed a 6.58% increase in gross premiums for both general and life insurance markets, rising from $25.6 million in April 2024 to $27.3 million in April 2025.
- General insurance gross premiums increased by 2.07%, from $10.7 million to $10.9 million.
- The number of general insurance policies surged by 199.47%, from 22,385 to 67,036, primarily driven by health insurance.
- Life insurance gross premiums rose by 9.83%, from $14.9 million to $16.3 million.
- Life insurance policies grew by 57.09%, from 66,396 to 104,304, with endowment policies and health riders being the main drivers.
Despite the growth in insurance uptake, gross claims incurred increased by 56.98%, from $5.2 million to $8.2 million. This rise was mainly attributed to an increase in general insurance claims, which grew from $3.4 million to $6.5 million. Conversely, life insurance claims decreased by 9.53%, from $1.8 million to $1.7 million.
The IRC’s efforts to raise awareness about insurance and the growth in insurance premiums demonstrate the sector’s potential in Cambodia. As the insurance industry continues to expand, understanding its role and benefits becomes increasingly important for both the economy and the general public.
