The Insurance Industry in Cambodia, Key Trends and Opportunities to 2020

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Published: March 30, 2017 Report Code: GD-IS1436MR-ST

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Key Players
Table of Contents
Table
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GlobalData’s 'The Insurance Industry in Cambodia, Key Trends and Opportunities to 2020' report provides a detailed analysis of the Cambodian insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011–2015) and forecast (2015–2020) periods.

The report also gives a comprehensive overview of the Cambodian economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes analysis of the impact of natural hazards on the insurance industry.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the insurance industry in Cambodia:

• It provides historical values for the Cambodian insurance industry for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key segments in the Cambodian insurance industry, with market forecasts to 2020.

• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

• It profiles the top insurance companies in Cambodia, and highlights recent developments.

• It covers the economy and demographic structure of Cambodia.

• It analyzes the impact of natural hazards in the Cambodian insurance industry.

Key Highlights

• In February 2017, Cambodia Rice Federation (CRF) started talks with industry experts on the development and promotion of agriculture insurance schemes in the country.

• In March 2016, the Cambodian insurance regulator (Ministry of Economy and Finance – MEF) announced plans to develop and revise regulations related to life insurance business in the country.

• The MEF permits 100% foreign direct investment in the insurance industry and, as a result, both domestic and foreign insurance companies are present in the country.

• The top four general insurers together accounted for 84.2% of the country’s gross written premium.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Cambodian insurance industry and each segment and category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Cambodian insurance industry.

• Assess the competitive dynamics in the Cambodian insurance industry.

• Identify growth opportunities and market dynamics in key segments.

• Gain insights into key regulations governing the Cambodian insurance industry, and their impact on companies and the industry's future.

Forte Insurance Company
Infinity General Insurance Plc
Campu Lonpac Insurance Plc
Asia Insurance (Cambodia) Plc
Cambodia – Vietnam Insurance Company Plc
Cambodian National Insurance Company (Caminco)
People & Partner Insurance (PPI)

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook

4.1 Industry Indicators

4.1.1 Gross written premium

4.1.2 Assets and investments

5 Non-Life Insurance Outlook

5.1 Property Insurance

5.1.1 Gross written premium

5.1.2 Penetration

5.1.3 Profitability

5.2 Motor Insurance

5.2.1 Gross written premium

5.2.2 Penetration

5.2.3 Profitability

5.3 Liability Insurance

5.3.1 Gross written premium

5.3.2 Penetration

5.3.3 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Gross written premium

5.4.2 Penetration

5.4.3 Profitability

6 Personal Accident and Health Insurance Outlook

6.1 Personal Accident Insurance

6.1.1 Gross written premium

6.1.2 Penetration

6.1.3 Profitability

6.2 Health Insurance

6.2.1 Gross written premium

6.2.2 Penetration

6.2.3 Profitability

7 Reinsurance Outlook

7.1 Premium Ceded

8 Distribution Channel Outlook

9 Natural and Man-Made Hazards

9.1 Flooding

9.2 Droughts

9.3 Man-Made Hazards

9.4 Epidemic

9.5 Exposure

10 Competitive Landscape

10.1 Company Profiles

10.1.1 Forte Insurance Company – company overview

10.1.2 Infinity General Insurance Plc – company overview

10.1.3 Campu Lonpac Insurance Plc – company overview

10.1.4 Asia Insurance (Cambodia) Plc – company overview

10.1.5 Cambodia – Vietnam Insurance Company Plc – company overview

10.1.6 Cambodian National Insurance Company – company overview

11 Governance, Risk and Compliance

11.1 Legislation Overview and Historical Evolution

11.2 Latest Changes in Regulation

11.3 Legislation and Market Practice by Type of Insurance

11.3.1 Life insurance

11.3.2 Property insurance

11.3.3 Motor insurance

11.3.4 Liability insurance

11.3.5 Marine, aviation and transit insurance

11.3.6 Personal accident and health insurance

11.4 Compulsory Insurance

11.4.1 Liability insurance for contractors

11.4.2 Motor third-party liability insurance

11.4.3 Insurance for passenger liability on public transport

11.4.4 Worker’s compensation

11.4.5 Professional indemnity insurance for insurance brokers

11.4.6 Liability insurance for ships with respect to oil pollution

11.5 Supervision and Control

11.5.1 International Association of Insurance Supervisors

11.5.2 Ministry of Economy and Finance

11.5.3 General Insurance Association of Cambodia (GIAC)

11.6 Non-Admitted Insurance Regulations

11.6.1 Overview

11.6.2 Intermediaries

11.6.3 Market practices

11.6.4 Fines and Penalties

11.7 Company Registration and Operations

11.7.1 Type of insurance organization

11.7.2 Establishing a local company

11.7.3 Foreign ownership

11.7.4 Types of license

11.7.5 Capital requirements

11.7.6 Solvency margin

11.7.7 Reserve requirements

11.7.8 Investment regulations

11.7.9 Statutory return requirements

11.7.10 Fee structure

11.8 Taxation

11.8.1 Insurance premium or policy taxation

11.8.2 Withholding taxes on premium paid overseas

11.8.3 Corporate tax

11.8.4 VAT

11.8.5 Captives

11.8.6 Property tax

11.9 Legal System

11.9.1 Introduction

11.9.2 Access to court

11.9.3 Alternative dispute resolution

12 Databook

12.1 Non-Life Insurance

12.1.1 Policies and premium

12.1.2 Claims and expenses

12.1.3 Assets and investments

12.1.4 Property insurance by product

12.1.5 Motor insurance

12.1.6 Liability insurance

12.1.7 Marine, aviation and transit insurance

12.2 Personal Accident and Health Insurance

12.2.1 Policies and premium

12.2.2 Claims and expenses

12.2.3 Assets and investments

12.2.4 Personal accident insurance

12.2.5 Health insurance

13 Definitions and Methodology

13.1 Definitions

13.2 Methodology

14 About GlobalData

14.1 Contact GlobalData

14.2 About GlobalData

14.3 GlobalData’s Services

14.4 Disclaimer

Table

Table 1: Cambodian Insurance Industry – Key Facts, 2015

Table 2: Cambodian Insurance Industry –Top Insurers, 2015

Table 3: Cambodian Number of Fatalities by Mode of Transportation, 2011–2015

Table 4: Cambodian Insurance Industry – Gross Written Premium by Segment (US$ Million), 2011–2015

Table 5: Cambodian Insurance Industry – Gross Written Premium by Segment (US$ Million), 2015–2020

Table 6: Cambodian Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (US$), 2011–2015

Table 7: Cambodian Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (US$), 2015–2020

Table 8: Cambodian Insurance Industry – Total Assets by Segment (US$ Million), 2011–2015

Table 9: Cambodian Insurance Industry – Total Assets by Segment (US$ Million), 2015–2020

Table 10: Cambodian Insurance Industry – Total Investment Income by Segment (US$ Million), 2011–2015

Table 11: Cambodian Insurance Industry – Total Investment Income by Segment (US$ Million), 2015–2020

Table 12: Cambodian Property Insurance – Gross Written Premium (US$ Million), 2011–2015

Table 13: Cambodian Property Insurance – Gross Written Premium (US$ Million), 2015–2020

Table 14: Cambodian Property Insurance – Loss Ratio (%), 2011–2015

Table 15: Cambodian Property Insurance – Loss Ratio (%), 2015–2020

Table 16: Cambodian Motor Insurance – Gross Written Premium (US$ Million), 2011–2015

Table 17: Cambodian Motor Insurance – Gross Written Premium (US$ Million), 2015–2020

Table 18: Cambodian Motor Insurance – Loss Ratio (%), 2011–2015

Table 19: Cambodian Motor Insurance – Loss Ratio (%), 2015–2020

Table 20: Cambodian Liability Insurance – Gross Written Premium (US$ Thousands), 2011–2015

Table 21: Cambodian Liability Insurance – Gross Written Premium (US$ Thousands), 2015–2020

Table 22: Cambodian Liability Insurance – Loss Ratio (%), 2011–2015

Table 23: Cambodian Liability Insurance – Loss Ratio (%), 2015–2020

Table 24: Cambodian Marine, Aviation and Transit Insurance – Gross Written Premium (US$ Million), 2011–2015

Table 25: Cambodian Marine, Aviation and Transit Insurance – Gross Written Premium (US$ Million), 2015–2020

Table 26: Cambodian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015

Table 27: Cambodian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020

Table 28: Cambodian Personal Accident Insurance – Gross Written Premium (US$ Million), 2011–2015

Table 29: Cambodian Personal Accident Insurance – Gross Written Premium (US$ Million), 2015–2020

Table 30: Cambodian Personal Accident Insurance – Loss Ratio (%), 2011–2015

Table 31: Cambodian Personal Accident Insurance – Loss Ratio (%), 2015–2020

Table 32: Cambodian Health Insurance – Gross Written Premium (US$ Million), 2011–2015

Table 33: Cambodian Health Insurance – Gross Written Premium (US$ Million), 2015–2020

Table 34: Cambodian Health Insurance – Loss Ratio (%), 2011–2015

Table 35: Cambodian Health Insurance – Loss Ratio (%), 2015–2020

Table 36: Cambodian Reinsurance – Premium Ceded by Insurance Segment (US$ Million), 2011–2015

Table 37: Cambodian Reinsurance – Premium Ceded by Insurance Segment (US$ Million), 2015–2020

Table 38: Cambodian Insurance Industry – Market Shares of Leading Insurers (%), 2015

Table 39: Forte Insurance Company – Key Facts

Table 40: Infinity General Insurance Plc – Key Facts

Table 41: Campu Lonpac Insurance Plc – Key Facts

Table 423: Asia Insurance (Cambodia) Plc – Key Facts

Table 43: Cambodia – Vietnam Insurance Company Plc – Key Facts

Table 44: Cambodian National Insurance Company – Key Facts

Table 45: Cambodia – Insurance Regulatory Framework Key Features

Table 46: Cambodia – Life Insurance Regulatory Framework

Table 47: Cambodia – Property Insurance Regulatory Framework

Table 48: Cambodia– Motor Insurance Regulatory Framework

Table 49: Cambodia– Motor Insurance Regulatory Framework

Table 50: Cambodia – Liability Insurance Regulatory Framework

Table 51: Cambodia – Corporate Tax Rates for the Financial Year 2017

Table 52: Cambodian Non-Life Insurance – Policies and Premium, 2011–2015

Table 53: Cambodian Non-Life Insurance – Policies and Premium, 2015–2020

Table 54: Cambodian Non-Life Insurance – Claims and Expenses, 2011–2015

Table 55: Cambodian Non-Life Insurance – Claims and Expenses, 2015–2020

Table 56: Cambodian Non-Life Insurance – Assets and Investments, 2011–2015

Table 57: Cambodian Non-Life Insurance – Assets and Investments, 2015–2020

Table 58: Cambodian Non-Life Insurance – Property Insurance by Product, 2011–2015

Table 59: Cambodian Non-Life Insurance – Property Insurance by Product, 2015–2020

Table 60: Cambodian Non-Life Insurance – Motor Insurance, 2011–2015

Table 61: Cambodian Non-Life Insurance – Motor Insurance, 2015–2020

Table 62: Cambodian Non-Life Insurance – Liability Insurance, 2011–2015

Table 63: Cambodian Non-Life Insurance – Liability Insurance, 2015–2020

Table 64: Cambodian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015

Table 65: Cambodian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020

Table 66: Cambodian Personal Accident and Health Insurance – Policies and Premium, 2011–2015

Table 67: Cambodian Personal Accident and Health Insurance – Policies and Premium, 2015–2020

Table 68: Cambodian Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 69: Cambodian Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 70: Cambodian Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 71: Cambodian Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 72: Cambodian Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015

Table 73: Cambodian Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020

Table 74: Cambodian Personal Accident and Health Insurance – Health Insurance, 2011–2015

Table 75: Cambodian Personal Accident and Health Insurance – Health Insurance, 2015–2020

Table 76: Insurance Industry Definitions

Figures

Figure 1: Cambodian Real GDP (US$ Billion), 2011–2020

Figure 2: Cambodian Consumer Price Inflation (%), 2011–2020

Figure 3: Cambodian Current Account Balance as Percentage of GDP (%), 2011–2020

Figure 4: Cambodian Unemployment Rate, 2011–2020

Figure 5: Cambodian Population by Age Group, 1990–2025

Figure 6: Cambodian Insurance Industry – Gross Written Premium by Segment, 2011–2020

Figure 7: Cambodian Insurance Industry – Density by Segment (US$), 2011–2020

Figure 8: Cambodian Insurance Industry – Total Assets by Segment (US$ Million), 2011–2020

Figure 9: Cambodian Insurance Industry – Total Investment Income by Segment (US$ Million), 2011–2020

Figure 10: Cambodian Property Insurance – Gross Written Premium (US$ Million), 2011–2020

Figure 11: Cambodian Property Insurance – Penetration (%), 2011–2015

Figure 12: Cambodian Property Insurance – Penetration (%), 2015–2020

Figure 13: Cambodian Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (US$ Million and %), 2011–2020

Figure 14: Cambodian Motor Insurance – Gross Written Premium (US$ Million), 2011–2020

Figure 15: Cambodian Motor Insurance – Penetration (%), 2011–2015

Figure 16: Cambodian Motor Insurance – Penetration (%), 2015–2020

Figure 17: Cambodian Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (US$ Million and %), 2011–2020

Figure 18: Cambodian Liability Insurance – Gross Written Premium (US$ Thousands), 2011–2020

Figure 19: Cambodian Liability Insurance – Penetration (%), 2011–2015

Figure 20: Cambodian Liability Insurance – Penetration (%), 2015–2020

Figure 21: Cambodian Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (US$ Thousand and %), 2011–2020

Figure 22: Cambodian Marine, Aviation and Transit Insurance – Gross Written Premium (US$ Million), 2011–2020

Figure 23: Cambodian Marine, Aviation and Transit Insurance – Penetration (%), 2011–2015

Figure 24: Cambodian Marine, Aviation and Transit Insurance – Penetration (%), 2015–2020

Figure 25: Cambodian Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (US$ Thousand and %), 2011–2020

Figure 26: Cambodian Personal Accident Insurance – Gross Written Premium (US$ Million), 2011–2020

Figure 27: Cambodian Personal Accident Insurance – Penetration (%), 2011–2015

Figure 28: Cambodian Personal Accident Insurance – Penetration (%), 2015–2020

Figure 29: Cambodian Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (US$ Million and %), 2011–2020

Figure 30: Cambodian Health Insurance – Gross Written Premium (US$ Million), 2011–2020

Figure 31: Cambodian Health Insurance – Penetration (%), 2011–2015

Figure 32: Cambodian Health Insurance – Penetration (%), 2015–2020

Figure 33: Cambodian Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (US$ Million and %), 2011–2020

Figure 34: Cambodian Reinsurance – Premium Ceded by Insurance Segment (US$ Million), 2011–2020

Figure 35: Cambodian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2020

Figure 36: Cambodian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2020

Figure 37: Cambodian – Frequency of Hazards by Type, 1990–2014

Figure 38: Cambodian Mortality by Hazards Type, 1990–2014

Figure 39: Cambodian Economic Loss by Hazards Type, 1990–2014

Figure 40: Cambodian Insurance Industry – Market Shares of Leading Insurers (%), 2015

Figure 41: Cambodia – Insurance Supervision and Control at Various Levels

Figure 42: Cambodia – Insurance Regulatory Frameworks for Company Registration and Operation

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