The Insurance Industry in Cambodia, Key Trends and Opportunities to 2022

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Published: June 30, 2018 Report Code: GDIS1696MR-ST

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This report provides detailed analysis of the market trends, drivers and challenges in the Cambodian insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Cambodian economy and demographics, and provides detailed information on the competitive landscape in the country.

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.

GlobalData’s 'The Insurance Industry in Cambodia, Key Trends and Opportunities to 2022' report provides in-depth market analysis, information and insights into the Cambodian insurance industry, including –
– The Cambodian insurance industry's growth prospects by segment and category
– A comprehensive overview of the Cambodian economy and demographics
– Details of the competitive landscape in the Cambodian insurance industry
– The various distribution channels in the Cambodian insurance industry
– Details of regulatory policy applicable to the Cambodian insurance industry
– Analysis of natural hazards in the Cambodian insurance industry.

Key Highlights

– In July 2017, the Finance Ministry of Cambodia and the Office of Insurance Commission (OIC), Thailand signed a Memorandum of Understanding (MoU) to strengthen insurance regulations in Cambodia.
– The MEF permits 100% foreign direct investment (FDI) in the insurance industry, which makes the industry competitive.
– In May 2018, Amret Microfinance Institution entered into an association with AIA to offer the life and health insurance products of AIA to the customers of Amret.

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 2013-2017 review period, and projected figures for the 2017-2022 forecast period.

– It offers a detailed analysis of the key segments in the Cambodian insurance industry, with market forecasts to 2022.

– It covers an exhaustive list of parameters, including written premium and claims.

– It analyzes the various distribution channels in Cambodia.

– It profiles the top insurance companies in Cambodia, and outlines the key regulations affecting them.

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 the 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.

Asia Insurance
Campu Lonpac Insurance
Caminco Insurance
Cambodia-Vietnam Insurance
Forte Insurance
Infinity Insurance
EverCare Insurance
East Insurance
Phillip General Insurance (Cambodia)
People & Partner Insurance
Ly Hour Insurance
Cambodia Life Insurance
Prudential (Cambodia)
Manulife (Cambodia)
AIA (Cambodia) Life Insurance
Bangkok Life Assurance (Cambodia)
Sovannaphum Life (Cambodia)
Grand China Life Insurance

Table of Contents

Table of Contents

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 Insurance density

5 Life Insurance Outlook

6 General Insurance Outlook

6.1 Segment Indicators

6.1.1 Gross written premium

6.1.2 Penetration

6.2 Property Insurance

6.2.1 Gross written premium

6.3 Motor Insurance

6.3.1 Gross written premium

6.4 Marine, Aviation and Transit Insurance

6.4.1 Gross written premium

6.5 Personal Accident and Health Insurance

6.5.1 Gross written premium

6.6 Miscellaneous

6.6.1 Gross written premium

7 Reinsurance Outlook

8 Distribution Channel Outlook

9 Natural and Man-Made Hazards

9.1 Flooding

9.2 Droughts

9.3 Epidemics

9.4 Man-Made Hazards

9.5 Exposure

10 Competitive Landscape

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 Life Insurance

12.1.1 Policies and premium

12.1.2 Claims and expenses

12.1.3 Individual life insurance

12.1.4 Group life insurance

12.2 General Insurance

12.2.1 Policies and premium

12.2.2 Claims and expenses

12.2.3 Property insurance

12.2.4 Property insurance by category

12.2.5 Motor insurance

12.2.6 Marine, aviation and transit insurance

12.2.7 Personal accident and health insurance

12.2.8 Personal accident and health insurance by category

12.2.9 Miscellaneous

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

List of Tables

Table 1: Cambodian Insurance Industry – Key Facts, 2017

Table 2: Cambodian Government Credit Ratings

Table 3: Cambodian Insurance Industry – Gross Written Premium (KHR Billion and US$ Million), 2013-2017

Table 4: Cambodian Insurance Industry – Density (KHR), 2013-2017

Table 5: Cambodian General Insurance – Gross Written Premium (KHR Billion and US$ Million), 2013-2017

Table 6: Cambodian General Insurance – Gross Written Premium (KHR Billion and US$ Million), 2017-2022

Table 7: Cambodian Property Insurance – Gross Written Premium (KHR Billion and US$ Million), 2013-2017

Table 8: Cambodian Property Insurance – Gross Written Premium (KHR Billion and US$ Million), 2017-2022

Table 9: Cambodian Motor Insurance – Gross Written Premium (KHR Billion and US$ Million), 2013-2017

Table 10: Cambodian Motor Insurance – Gross Written Premium (KHR Billion and US$ Million), 2017-2022

Table 11: Cambodian Marine, Aviation and Transit Insurance – Gross Written Premium (KHR Billion and US$ Million), 2013-2017

Table 12: Cambodian Marine, Aviation and Transit Insurance – Gross Written Premium (KHR Billion and US$ Million), 2017-2022

Table 13: Cambodian Personal Accident and Health Insurance – Gross Written Premium (KHR Billion and US$ Million), 2013-2017

Table 14: Cambodian Personal Accident and Health Insurance – Gross Written Premium (KHR Billion and US$ Million), 2017-2022

Table 15: Cambodian Miscellaneous – Gross Written Premium (KHR Billion and US$ Million), 2013-2017

Table 16: Cambodian Miscellaneous – Gross Written Premium (KHR Billion and US$ Million), 2017-2022

Table 17: Cambodia – Insurance Regulatory Framework Key Features

Table 18: Cambodia – Life Insurance Regulatory Framework

Table 19: Cambodia – Property Insurance Regulatory Framework

Table 20: Cambodia- Motor Insurance Regulatory Framework

Table 21: Cambodia- Motor Insurance Regulatory Framework

Table 22: Cambodia – Liability Insurance Regulatory Framework

Table 23: Cambodia – Corporate Tax Rates for the Financial Year 2017

Table 24: Cambodian Life Insurance – Policies and Premium, 2013-2017

Table 25: Cambodian Life Insurance – Policies and Premium, 2017-2022

Table 26: Cambodian Life Insurance – Claims and Expenses, 2013-2017

Table 27: Cambodian Life Insurance – Individual Life Insurance, 2013-2017

Table 28: Cambodian Life Insurance – Group Life Insurance, 2013-2017

Table 29: Cambodian General Insurance – Policies and Premium, 2013-2017

Table 30: Cambodian General Insurance – Policies and Premium, 2017-2022

Table 31: Cambodian General Insurance – Claims and Expenses, 2013-2017

Table 32: Cambodian General Insurance – Claims and Expenses, 2017-2022

Table 33: Cambodian General Insurance – Property Insurance, 2013-2017

Table 34: Cambodian General Insurance – Property Insurance, 2017-2022

Table 35: Cambodian General Insurance – Property Insurance by Category, 2013-2017

Table 36: Cambodian General Insurance – Property Insurance by Category, 2017-2022

Table 37: Cambodian General Insurance – Motor Insurance, 2013-2017

Table 38: Cambodian General Insurance – Motor Insurance, 2017-2022

Table 39: Cambodian General Insurance – Marine, Aviation and Transit Insurance, 2013-2017

Table 40: Cambodian General Insurance – Marine, Aviation and Transit Insurance, 2017-2022

Table 41: Cambodian General Insurance – Personal Accident and Health Insurance, 2013-2017

Table 42: Cambodian General Insurance – Personal Accident and Health Insurance, 2017-2022

Table 43: Cambodian General Insurance – Personal Accident and Health Insurance by Category, 2013-2017

Table 44: Cambodian General Insurance – Personal Accident and Health Insurance by Category, 2017-2022

Table 45: Cambodian General Insurance – Miscellaneous, 2013-2017

Table 46: Cambodian General Insurance – Miscellaneous, 2017-2022

Table 47: Insurance Industry Definitions

Figures

List of Figures

Figure 1: Cambodian Real GDP (KHR Trillion), 2013-2022

Figure 2: Cambodian Exchange Rate (KHR per US$), 2013-2022

Figure 3: Cambodian Consumer Price Inflation (%), 2013-2022

Figure 4: Cambodian Current Account Balance as Percentage of GDP (%), 2013-2017

Figure 5: Cambodian Unemployment Rate, 2013-2022

Figure 6: Cambodian Population by Age Group, 2013-2022

Figure 7: Cambodian Insurance Industry – Gross Written Premium (KHR Billion), 2013-2017

Figure 8: Cambodian Insurance Industry – Density (KHR), 2013-2017

Figure 9: Cambodian General Insurance – Gross Written Premium (KHR Billion), 2013-2022

Figure 10: Cambodian General Insurance – Penetration (%), 2013-2017

Figure 11: Cambodian General Insurance – Penetration (%), 2017-2022

Figure 12: Cambodian Property Insurance – Gross Written Premium (KHR Billion), 2013-2022

Figure 13: Cambodian Motor Insurance – Gross Written Premium (KHR Billion), 2013-2022

Figure 14: Cambodian Marine, Aviation and Transit Insurance – Gross Written Premium (KHR Billion), 2013-2022

Figure 15: Cambodian Personal Accident and Health Insurance – Gross Written Premium (KHR Billion), 2013-2022

Figure 16: Cambodian Miscellaneous – Gross Written Premium (KHR Billion), 2013-2022

Figure 17: Cambodia – Insurance Supervision and Control at Various Levels

Figure 18: Cambodia – Insurance Regulatory Frameworks for Company Registration and Operation

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