The insurance market in Cambodia remains on positive trend in 2020 despite the COVID-19 crisis.
Total insurance premiums in 2020 increased by 7.3 percent compared to 2019, from US$253 million to US$271.5 million, pointed out a report on the insurance market situation in Cambodia in 2020 of the Insurance Association of Cambodia issued this week.
The general insurance shares 41.9 percent of the total premiums, the life insurance 56.1 percent and the micro insurance 2 percent, it underlined.
The gross premium of the general insurance market in 2020 was about US$113.8 million, an increase of 10.5 percent compared to 2019.
The gross premium of the life insurance market in 2020 reached US$152.3 million, up 6.6 percent. However, this rate is significantly lower than the 2019 growth rate of 42.4 percent.
According to the report, the gross premium of the micro-insurance market in 2020 was US$5.4 million, down 24.6 percent from the previous year.
In 2020, the total amount of compensation paid by all insurance companies to customers is US$37 million, a year-on-year growth of 5 percent.
Currently, Cambodia has 16 general insurance companies, 11 life insurance companies and 5 micro-insurance companies.
Source: Agency Kampuchea Press