PHNOM PENH: Cambodia's insurance industry recorded a total premium of US$81.2 million in the second quarter (Q2) of 2023, up 6.3 percent from US$76.3 million in the same period last year, a report showed on Thursday.

The growth was driven by 18 general insurers, 14 life insurers, seven micro-insurance companies, one reinsurance firm, and 20 insurance brokers, 34 corporate agents, and loss adjusters, it said.

The gross premium of the general insurance market during the April-June period this year was US$33.3 million, a year-on-year increase of 16.4 percent, while life insurance premiums totaled US$46.1 million, down 0.13 percent, and micro-insurance premiums amounted to US$1.7 million, up 12.3 percent, the source added.

The report pointed out that the total amount of claims paid out by the insurers was US$7.7 million in the cited period, up 27.5 percent from US$6 million a year earlier.

According to the report, Cambodia's insurance sector had US$1,050 million in total assets as of Q2 this year, a year-on-year increase of 10.8 percent.

The increased insurance premiums have reflected the strength of the insurance market in the Kingdom, as the insurance sector contributed about 1.17 percent to the country's gross domestic product (GDP) per year, according to the Insurance Regulator of Cambodia (IRC).

The insurance density in the country is about US$20.53 per person, which indicates that the insurance sector will have a great potential for future development, it said. AKP