More coordinated efforts are needed to promote the digitalisation of business models in the insurance sector to raise efficiency in the value chain and create a more diverse spectrum of innovative, suitable and tailored options for products and services in Cambodia, a workshop heard on June 15.
The Cambodian insurance sector’s gross written premiums (GWP) for 2021 amounted to $297.6 million, up by just 9.6 per cent from a year earlier, compared to an average annual growth rate of over 23.5 per cent over 2016-2021, according to the Insurance Association of Cambodia (IAC).
The Cambodian insurance sector’s gross written premiums (GWP) for 2021 amounted to $297.6 million, up by just 9.6 per cent from a year earlier, compared to an average annual growth rate of over 23.5 per cent over 2016-2021, according to the Insurance Association of Cambodia (IAC).
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Revenue of insurance sector rises 7.3% to $271M in 2020
Thu, 13 May 2021
The insurance sector in Cambodia earned $271.5 million in premiums last year, increasing by 7.31 per cent from $253 million in 2019, even as most of the service sector showed negative signs in 2020, the Insurance Association of Cambodia (IAC) reported on May 12.
Of that, general and life insurance premiums came to $113.8 and $152.3 million, surging by 10.5 and 6.6 per cent year-on-year, and accounting for 41.9 and 56.1 per cent of the total.
Micro-insurance premiums were to the tune of $5.4 million, down by 24.6 per cent year-on-year, and accounted for just two per cent of the total, IAC said.