PHNOM PENHplaypokeronlinefree, Aug. 2 (Xinhua) -- Cambodia's insurance industry reported a gross premium of 178.5 million U.S. dollars in the first half of 2024, a slight increase of about 1 percent from 176.8 million dollars over the same period last year, according to an Insurance Regulator of Cambodia (IRC) report on Friday.
The growth was generated from 18 general insurers, 14 life insurers, seven micro-insurance companies, and one reinsurance firm, the report said.
It added that the total amount of claims incurred was about 34.8 million dollars during the January-June period this year, up 18.5 percent from 29.35 million dollars over the same period last year.
The Southeast Asian country's insurance industry currently has more than 1 billion dollars in total assets.
IRC's Director General Bou Chanphirou said the insurance sector has been playing a crucial role in supporting the social security system, proactively contributing to national economic development.
He said the Cambodian insurance market expanded to approximately 344 million dollars in 2023, with an insurance penetration of 1.16 percent of the gross domestic product (GDP) and an insurance density of around 21.02 dollars per person.
"These two indicators illustrate that the Cambodian insurance market has potential room for further growth in the future," he said in a speech during the celebration of the Cambodia Insurance Day last week.■