PHNOM PENH, June 24 (Xinhua) -- Cambodia's insurance industry recorded a gross premium of 150 million U.S. dollars in the first five months of 2024, up 1.2 percent from 148.1 million dollars over the same period 2023, an Insurance Regulator of Cambodia (IRC)'s report showed on Monday.
The growth was generated from 18 general insurers, 15 life insurers, seven micro-insurance companies and one reinsurance firm, the report said.
It added that the total amount of claims incurred was 27.9 million dollars during the January-May period this year, up 17 percent from 23.8 million dollars over the same period 2023.
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 industry has been playing an important role in supporting the country's social security and economy.
"Based on the insurance penetration rate of about 1.14 percent and insurance density of 20.72 U.S. dollars per person in 2023, the insurance sector in Cambodia still has vast potential for growth in the future," he said. ■
