Cambodia Insurance Industry – Key Trends and Opportunities to 2027
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Cambodia Insurance Market Report Overview
The gross written premium of the Cambodian insurance market was ($355.8 million) in 2022. The market is expected to achieve a CAGR of more than 9% during 2023-2027. The Cambodia insurance market research report provides in-depth market analysis, information, and insights into the Cambodian insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
Cambodia Insurance Market Outlook, 2022-2027 (KHR Trillion)
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The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of Cambodia’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives 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.
Market Size (2022) | KHR1.4 trillion ($355.8 million) |
CAGR (2023-2027) | >9% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | · Life Insurance
· General Insurance |
Leading Companies | · Prudential Cambodia
· AIA · Dai-ichi Cambodia · Etiqa Cambodia · Phillip Cambodia |
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Cambodia Insurance Market Trends
Insurtech, agriculture insurance, digitalization, and bancassurance are some of the key market trends impacting the insurance industry in Cambodia.
Insurtech is gaining traction in Cambodia and will play a major role in the future of the insurance industry. Likewise, digitalization is creating waves across the Cambodian economy, partly driven by the impact of the COVID-19 pandemic. As a result, increased digitalization is occurring within the insurance space as well including a shift from conventional distribution channels to digital platforms, conducting virtual meetings with customers, and using chatbots to resolve queries.
Additionally, agriculture insurance is a key product for insurance companies since Cambodia is highly dependent on agriculture and is particularly vulnerable to climate change.
Cambodia Insurance Market by Segments
The key segments in the Cambodian insurance market are life insurance and general insurance. The life insurance segment dominated the Cambodian insurance market in 2022. Life insurance lines of business include whole life, endowment, term life, and other life. In 2022, endowment was the leading LOB. Life insurance uptake remains limited in Cambodia since the penetration rate is lower than both the emerging markets and developed markets averages in 2022. However, growth in penetration over 2020-2022 suggests that the COVID-19 pandemic raised awareness of the value of life insurance among consumers.
Cambodia Insurance Market Analysis by Segments, 2022 (%)
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Cambodia Insurance Market – Competitive Landscape
Some of the key companies in the Cambodian insurance market are Prudential Cambodia, AIA, Dai-ichi Cambodia, Etiqa Cambodia, and Phillip Cambodia, among others. In 2022, Prudential Cambodia was the leading insurer, followed by AIA and Dai-ichi Life Insurance. AIA was the fastest-growing company during the review period as well.
Cambodia Insurance Market Analysis by Companies, 2022 (%)
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Segments Covered in the Report
Cambodia Insurance Market Segments Outlook (Value, KHR Trillion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides:
- A comprehensive analysis of the Cambodia insurance industry.
- Historical values for the Cambodia insurance industry for the report’s review period and projected figures for the forecast period.
- Detailed analysis of the key categories in the Cambodia insurance industry and market forecasts for 2027.
- Profiles of top life insurance companies in Cambodia and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Cambodian insurance industry.
- A comprehensive overview of the Cambodian economy, government initiatives, and investment opportunities.
- The Cambodia insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Cambodian insurance industry’s market structure gives details of lines of business.
- Cambodia’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Cambodia insurance industry and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Cambodia insurance industry.
- Assess the competitive dynamics in the Cambodia insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Phillip Life Assurance
AIA Life Insurance
Dai-ichi Life Insurance
Table of Contents
Frequently asked questions
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What was the Cambodia insurance market gross written premium in 2022?
The gross written premium of the Cambodia insurance market was KHR1.4 trillion ($355.8 million) in 2022.
-
What is the growth rate of the Cambodia insurance market?
The insurance market in Cambodia is expected to achieve a CAGR of more than 9% during 2023-2027.
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Which segment dominated the Cambodia insurance market in 2022?
The life insurance segment dominated the Cambodia insurance market in 2022.
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Who are the major companies operating in the Cambodia insurance market?
Some of the key companies in the Cambodia insurance market are Prudential Cambodia, AIA, Dai-ichi Cambodia, Etiqa Cambodia, and Phillip Cambodia, among others.
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