ស គម ប់រងកម INSURANCE ASSOCIATION OF CAMBODIA 2024 insurance market overview Prepared by: IAC General Secretariat April 2025 +855 92 778 111 www.iac.org.kh info@iac.org.kh
TABLE OF CONTENTS 04 ABOUT US 05 MESSAGE FROM CHAIRMAN 06 BOARD OF MANAGEMENT 2024 07 BOARD OF MANAGEMENT 2025 08 ACTIVITIES OF BOARD OF MANAGEMENT 09 ACTIVITIES OF SECTORAL COMMITTEES 10 SUB-SECTORAL COMMITTEES 11 ACTIVITIES OF SUB-SECTORAL COMMITTEES 13 CROSS SECTORAL COMMITTEES 14 ACTIVITIES OF CROSS SECTORAL COMMITTEES 15 GENERAL ASSEMBLY 17 DID YOU KNOW? 18 MARKET PERFORMANCE 2024 20 GENERAL INSURANCE MARKET 24 LIFE INSURANCE MARKET 26 MICRO INSURANCE MARKET 27 REGIONAL COOPERATION 29 EFFECTIVENESS OF ASSOCIATION-REGULATOR RELATIONS 31 PUBLIC AWARENESS 34 PROFESSIONAL DEVELOPMENTS 37 INDUSTRY'S CSR EFFORTS 38 OUR MEMBERS IN 2024 39 ROLL OF HONOUR 40 OUR SPONSORS 41 CONTACT OUR SPONSORS ANNIVERSARY YEARS 2005-202520
ABOUT US The Insurance Association of Cambodia (IAC) was established in 2005, initially known as the General Insurance Association of Cambodia (GIAC). It started with just four member companies, comprising three general insurers and one national reinsurer. Over the years, GIAC's membership expanded significantly as more general insurance companies, life insurance companies, and microinsurance companies starting operations in Cambodia. In 2013, GIAC officially changed its name to the Insurance Association of Cambodia (IAC) to encompass all licensed insurers operating in Cambodia. Currently, IAC has 34 licensed insurers as members, which include 16 general insurers, 12 life insurers, 5 micro insurers, and 1 reinsurer. IAC is a non-profit trade association dedicated to representing the interests of the insurance industry. Our mission is to strengthen and promote effective and efficient cooperation among members to ensure sustainable and dynamic growth of the insurance sector in the socio- economic development. To foster a robust and resilient insurance industry in Cambodia, IAC has focused our efforts and expertise on five strategic priorities: Building the reputation of the insurance market to gain public trust Promoting the Utilization of Insurance among the Public Driving Industry Sustainability Enhancing Efficiency in Regulatory Interaction Supporting Innovation and Digitalization 04INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
05INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA "2025 marks the 20th anniversary of the establishment of IAC. This 20th anniversary celebration reflects the long-standing cooperation and commitment to promoting the development of Cambodia's insurance market, making it more prosperous and robust for the future." On behalf of the Insurance Association of Cambodia, I am incredibly proud of how our insurance sector has sustained its growth and resilience through innovation, even amidst numerous challenges in recent years. I am confident that the sector will continue to thrive, and the dedication of all stakeholders to adapt to evolving market conditions is crucial for the ongoing development of the insurance industry, contributing significantly to Cambodia's socio-economic development. The achievements in 2024 have underscored the significant impact of the insurance sector on our socio-economic landscape. From creating job opportunities and investing company funds in the economy to making substantial insurance payouts, the sector's contributions are clear. These payouts to insured individuals demonstrate the dedication of industry players, particularly insurance companies, to meeting customer needs and providing a financial safety net for those facing risks. With the support and trust of our member companies, the Insurance Association of Cambodia has successfully fulfilled its mission to strengthen the development of the insurance market in Cambodia and establish a presence on the international stage. Over the past two decades, under the leadership of the Secretariat, we have implemented numerous initiatives to enhance the public image and confidence in the insurance sector, as well as to address and resolve various market issues. The association will continue its mission to raise public awareness and confidence in insurance, address issues that hinder market development, and strengthen partnerships with various institutions, especially the Insurance Regulator of Cambodia. Our goal is to achieve a growing and stable insurance market in Cambodia, in line with the Cambodian Insurance Sector Development Strategy 2021-2030. On behalf of the Board of Management, I commend the relentless efforts of our Secretariat in achieving significant milestones. I also express my gratitude to all member companies for their active support of our activities, despite the market's challenging and uncertain conditions. The strong cooperation among all members will enable the association to effectively and sustainably fulfill its role in the long term. MESSAGE FROM CHAIRMAN Huy Vatharo Chairman of IAC CEO of Cambodian Reinsurance Company
(2) (3) BOARD OF MANAGEMENT 2024 (1) (4) (5) (6) (7) (1) HUY VATHARO, CHAIRMAN (2) JEFFREY WHITTAKER, VICE CHAIRMAN (3) SAMRETH MUNY, VICE CHAIRMAN (4) TIO SOON KEONG, MEMBER (5) MAH KIN YOONG, MEMBER (6) TY ATITH, MEMBER (7) RITH KANHA, MEMBER 06INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA ANNIVERSARY YEARS 2005-202520
BOARD OF MANAGEMENT 2025 (2) (3) (1) (4) (5) (6) (7) (1) HUY VATHARO, CHAIRMAN (2) JEFFREY WHITTAKER, VICE CHAIRMAN (3) SAMRETH MUNY, VICE CHAIRMAN (4) NGUYEN HUY TRUNG, MEMBER (5) PROU SYTHAN, MEMBER (6) TY ATITH, MEMBER (7) RITH KANHA, MEMBER 07INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA ANNIVERSARY YEARS 2005-202520
(1) (2) (3) (5) ACTIVITIES OF BOARD OF MANAGEMENT GENERAL SECRETARIAT (1) Mey Phearoth, Secretary General (2) Chhorn Kunda, Finance and Admin Manager (3) Soeun Srey Oun, Public Affairs Manager (4) Sreng Leaphea, Finance Officer (5) Voeurn Lynna, Communications Officer In 2024, the Board of Management of IAC regularly carried out its duties in organizing and monitoring activities to align with the association's goals and the overall insurance sector. The key tasks undertaken by the Board of Management included: Discussing and approving the annual strategic plan Monitoring and discussing the progress of the insurance market Reviewing and evaluating the association's activities, as well as providing recommendations and guidance to the Secretariat for effective implementation of various activities. (4)
ACTIVITIES OF SECTORAL COMMITTEES Throughout 2024, the Life Insurance Committee of IAC has actively engaged in numerous meetings to address industry challenges and strategize for the future. The committee conducted both virtual and in person meetings to discuss the various challenges faced by life insurance companies. The discussions also focused on the management of insurance agents, potential industry problems, the overall direction of the life insurance sector, the adoption of IFRS 17 &9, tax implications and other related issues, aiming to strengthen the sector for a brighter future. STRENGTHENING THE LIFE INSURANCE SECTOR: IAC'S 2024 LIFE COMMITTEE MEETINGS GENERAL INSURANCE COMMITTEE HOLDS DISCUSSIONS ON INDUSTRY UPDATES AND CHALLENGES On February 6, 2024, the General Insurance Committee of IAC held a pivotal meeting to address various challenges faced by general insurance companies, identifying and resolving issues to ensure growth and stability. Again, on May 3, 2024, the committee convened to discuss comprehensive agendas focused on the industry's future path and various sector-wide issues. The meeting was productive, with participants sharing insightful thoughts, reflecting the industry's solidarity and commitment during these challenging times. 09INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
SUB-SECTORAL COMMITTEES Ty Atith (Chairman) Cambodian Reinsurance Company “Cambodia Re” Chong Kah Jin Campu Lonpac Insurance Plc. Heng Roatmonea Forte Insurance (Cambodia) Plc. Heang Bunhay Etiqa General Insurance (Cambodia) Plc. Chhay Ratana People & Partners Insurance Plc. Yin Sophannavy Cambodia-Vietnam Insurance Plc. Seng Socheata Civil Safe Insurance Plc. Yong Jxe Xi CB General Insurance Plc. FIRE TARIFF COMMITTEE MOTOR CLAIMS COMMITTEE Rath Veasna (Chairman) Cambodian Reinsurance Company “Cambodia Re” Chong Kah Jin Campu Lonpac Insurance Plc. Vu Tien Dung Cambodia-Vietnam Insurance Plc. Chea Sokunthea Cambodian National Insurance Company Or Akara Bangkok Insurance (Cambodia) Plc. Yong Jxe Xi CB General Insurance Plc. MOTOR INSURANCE COMMITTEE Ty Atith (Chairman) Cambodian Reinsurance Company “Cambodia Re” Chong Kah Jin Campu Lonpac Insurance Plc. Kheang Ratanak Forte Insurance (Cambodia) Plc. Mong Chomroeun Bangkok Insurance (Cambodia) Plc. Seang Sopheak Infinity General Insurance Plc. Prak Sina Etiqa General Insurance (Cambodia) Plc. Sdeng Rasmey Cambodia-Vietnam Insurance Plc. Yong Jxe Xi CB General Insurance Plc. 10INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
11INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA The Motor Insurance Committee of IAC has actively supported efforts towards the implementation of compulsory motor third party liability insurance. The main achievements of the Motor Insurance Committee include: Discussing the proposed pricing and tariffs for the upcoming compulsory motor insurance for private vehicles. This task was a significant step towards ensuring that the motor insurance sector remains competitive and fair, while also addressing the challenges faced by the industry. Discussing various aspects of motor insurance pricing, evaluating the proposed tariffs and exploring potential impact of pricing on general insurance market dynamics. The discussion aimed to strike a balance between affordability for policyholders and sustainability for insurance companies. Participating in reviewing and providing inputs on various draft regulations related to compulsory motor insurance. MOTOR INSURANCE COMMITTEE ADDRESSES MOTOR INSURANCE PRICING AND TARIFF ACTIVITIES OF SUB- SECTORAL COMMITTEES The Motor Insurance Claims Committee of IAC had been actively engaged in a series of important meetings throughout 2024 to prepare for workshops and address key industry issues. The discussions covered various logistical and content-related aspects, ensuring a comprehensive approach to the workshop's development. The committee chair also met with volunteer speakers from member companies to ensure the workshop materials aligned with the goals and objectives of the workshop. These meetings underscore the committee's dedication to fostering industry knowledge and enhancing the skills of claims surveyors and related professionals within the insurance sector. MOTOR INSURANCE CLAIMS COMMITTEE PREPARES FOR WORKSHOPS
In 2024, the Fire Tariff Committee of IAC convened three pivotal meetings to discuss and amend the fire insurance tariff rule. The focus of these discussions was to ensure that the tariff rule remains relevant and effective in the face of the evolving insurance industry landscape. These meetings reflect IAC's unwavering commitment to continuous improvement and the advancement of fire insurance in Cambodia. Additionally, the IAC plays a crucial role in monitoring and auditing the implementation of the fire insurance tariff rule, ensuring that the changes are effectively applied and adhered to across the industry. By addressing the challenges and making necessary revisions, IAC continues to play a crucial role in enhancing the effectiveness and efficiency of fire insurance policies, ultimately benefiting both the industry and policyholders. IAC DRIVES PROGRESS IN FIRE INSURANCE TARIFF AMENDMENT
CROSS SECTORAL COMMITTEES Ny Lyhoung (Chairman) Forte Insurance (Cambodia) Plc. Chou Soromneath Cambodian Reinsurance Company “Cambodia Re” Suong Sovann Manulife (Cambodia) Plc. Tep Sokunvannary Prudential (Cambodia) Life Assurance Plc. Mok Kimlean Forte Insurance (Cambodia) Plc. Chey Roatana Fortune Life Insurance Plc. Ly Sopheak FWD Life Insurance (Cambodia) Plc. EDUCATION COMMITTEE ACCOUNTING COMMITTEE Rath Veasna (Chairman) Cambodian Reinsurance Company “Cambodia Re” Chhim Sokly (Vice Chairperson) Campu Lonpac Insurance Plc. So Sopha (Vice Chairperson) AIA (Cambodia) Life Insurance Plc. Chhum Phirum Cambodia-Vietnam Insurance Plc. Phan Binna Cambodian National Insurance Company Sok Ty Dai-Ichi Life Insurance (Cambodia) Plc. Hong Bunhour Forte Life Assurance (Cambodia) Plc. Rith Kanha Serendib Micro Insurance Plc. CAMBODIA ACTUARIAL WORKING GROUP Freddie Wong, FSA, CERA (Chairperson) Prudential (Cambodia) Life Assurance Plc. Tracy Leung, FSA AIA (Cambodia) Life Insurance Plc. Rajivan Krishnan, FIAA, CERA AIA (Cambodia) Life Insurance Plc. Sokeang Hean AIA (Cambodia) Life Insurance Plc. Jaishree Kularajah AIA (Cambodia) Life Insurance Plc. Huyngim Eng CAWG's Secretary 13INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
ACTIVITIES OF CROSS SECTORAL COMMITTEES EDUCATION COMMITTEE'S ENTHUSIASTIC START In early 2024, the Education Committee of the Insurance Association of Cambodia (IAC) convened several key meetings. These focused on implementing their action plan for 2024, which includes workshops and seminars, public awareness campaigns, training programs, and collaborative projects. The committee also reviewed progress and discussed strategies to enhance public perception and awareness of insurance and the industry. These meetings were characterized by enthusiasm and innovative ideas, demonstrating the committee's dedication to strategic planning and continuous improvement. In addition, representatives of the Education Committee have also participated as expert speakers in various public awareness activities. 14INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA In early 2024, the Accounting Committee of IAC held a series of essential meetings to address critical issues in the insurance market. Among the key discussions were various accounting challenges, the election of new leadership, and a review of key financial ratios for the general insurance sector in 2023. Additionally, the committee planned a workshop for July, aimed at enhancing understanding and compliance with accounting standards. These initiatives reflect the committee's commitment to fostering financial transparency and ensuring robust industry practices. ACCOUNTING COMMITTEE'S KEY DISCUSSIONS AND PLANS
GENERAL ASSEMBLY The assembly focused on reviewing the action plan for the upcoming semester to ensure alignment with IAC's strategic goals. It also fostered an in-depth discussion on industry challenges, encouraging collaboration. Representatives from member companies shared valuable insights and strategies, reinforcing IAC's commitment to advancing the insurance sector in Cambodia through cooperation and knowledge sharing. On June 28, 2024, IAC held its highly anticipated General Assembly, showcasing the organization's significant accomplishments throughout 2023 and the first half of 2024. The event provided a comprehensive update on the current insurance market landscape, highlighting key trends and developments. IAC HOLDS PRODUCTIVE GENERAL ASSEMBLY 15INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
In 2024, two major fires engulfed two factories: A shoe factory, with damages amounting to USD 8.2 million, was fully compensated by the insurance company. A garment factory, with damages amounting to USD 4.5 million, was fully compensated by the insurance company. DID YOU KNOW? In 2024, insurance companies underwrote USD 357 million in gross premiums, a 3.5% increase from 2023. In 2024, insurance companies paid out USD 91 million in claims, a 43.6% increase from 2023. 1.4 million people insured under life insurance in 2024, remained the same from 2023. 0.82 million people insured under micro life, medical and PA insurance. 0.79 million people insured under medical and PA insurance in 2024, a 15.5% dropped from 2023. 198,632 vehicles insured in 2024, including 86,432 motorcycles—a 3.1% increase from 2023. In 2024, 1.6 million policies were issued, a 44% increase from 1.2 million policies in 2023. The insurance industry created 21,767 jobs in 2024, including corporate roles and agents. In 2024, insurance companies invested USD 819 million, with 90% of that investment directed towards banks. In 2024, total assets of insurance companies reached USD 1.2 billion, an 8% increase from 2023. GENERAL INSURANCE PAYOUTS LIFE INSURANCE PAYOUTS In 2024, life insurance companies paid out a total of USD 32.7 million: USD 10.8 million in death and disability benefits, USD 9.9 million for policies that reached maturity, and USD 12 million in other benefits. In 2024, general insurance companies paid out a total of USD 56 million: USD 22.3 million for medical claims, USD 19.2 million for property claims, USD 10.5 million for auto claims, USD 2.2 million for personal accident (PA) claims, and USD 1.8 million for other claims. 17INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
MARKET PERFORMANCE 2024 In 2024, the insurance industry experienced a 3.5% growth in total gross premiums, reaching USD 357 million, compared to a 3.2% growth rate in 2023. Over the past five years, the overall insurance market has grown at an average rate of 7.1%. The market shares of the three main insurance segments, measured by total gross premiums, were 56% for life insurance, 41.5% for general insurance, and 2.5% for micro insurance in 2024. The number of insured individuals under life, personal accident, and health insurance decreased from 3.2 million in 2023 to 3 million in 2024. However, the total number of policies in force rose from 1.2 million in 2023 to 1.6 million in 2024. Total gross claims paid in 2024 reached USD 91 million, marking a 43.6% increase over 2023. General insurers indemnified USD 56 million, approximately 61.6% of the total gross claims paid. Life insurers indemnified USD 32.7 million, approximately 36% of the total gross claims paid. The rest was indemnified by micro insurers. The total assets of the insurance industry grew by 8% to USD 1.2 billion in 2024, up from USD 1.1 billion in 2023. Life insurers held about 69.4% of the industry's total assets, while general insurers accounted for approximately 25.5%. In 2024, insurance companies created approximately 21,767 full-time and part-time jobs, highlighting the industry's steady and impressive growth. Individual agents constituted about 82% of the total employment within the sector. The remaining workforce comprised diverse professionals in fields such as underwriting, actuarial science, and corporate services. GROSS PREMIUMS SHARE BY MARKET SEGMENT Life Insurance 56% General Insurance 41.5% Micro Insurance 2.5% Underwriting Claims Actuary Marketing Distribution Compliance & Risk Management Data/Digital Corporate Services 0 500 1,000 1,500 2,000 226 262 77 157 1,837 81 219 1,101 NUMBER OF EMPLOYEES BY MARKET SEGMENT NUMBER OF EMPLOYEES BY OCCUPATIONS Life Insurance 2674 General Insurance 1155 Micro Insurance 110 Reinsurance 21 18INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
GENERAL INSURANCE MARKET General insurance market experienced slower growth in 2024, with gross premiums increasing by only 3.4% year-over-year, compared to 7.7% in 2023. The leading insurance products in Cambodia were property insurance, which generated USD 51.5 in premiums, accounting for approximately 34.8% of the total premiums. This was followed by medical insurance representing around 22.6%, and auto insurance making up about 16.3%. These three categories dominated the market, highlighting the significant demand for property, medical, and auto insurance among consumers. By the end of 2023, Cambodia had 1.2 million registered automobiles and 6.4 million registered motorcycles. However, the total number of insured vehicles saw a modest increase of approximately 3.1% to 198,632 in 2024, with 86,432 of these being motorcycles. This means only about 9.4% of automobiles and 1.4% of motorcycles were insured, highlighting a significant gap in coverage. This low insurance coverage places a substantial financial burden on vehicle owners, who must shoulder all accident- related costs themselves. The total gross claims paid in 2024 saw a 21.1% increase compared to 2023, highlighting a significant rise in the insurance sector's claims activities. Property Insurance witnessed the highest growth among all general insurance products, with claims paid increasing by 84.7%. This surge was primarily driven by two major incidents, resulting in losses of USD 8.2 million from a shoe factory and USD 4.5 million from a garment factory. Additionally, Auto Insurance experienced notable growth, with claims paid rising by 12%. The highest claims paid in 2024 were for medical insurance, accounting for approximately 39.7% of total claims, followed by property insurance at 34.2%, and auto insurance at 18.7%. GROSS PREMIUM BY LINE OF BUSINESS (2020-2024) IN USD Line of Business 2020 2021 2022 2023 2024 Y-O-Y Growth % CAGR 2020-2024 Auto 19,547,084 20,438,805 23,770,227 24,004,935 24,109,847 0.4% 5.0% Property 40,251,246 40,712,305 45,202,698 48,973,825 51,539,328 5.3% 8.9% MAT 8,509,674 8,251,548 7,625,565 8,445,910 7,396,574 -12.4% -5.5% Engineering 8,903,489 9,253,314 5,977,802 9,462,245 9,192,924 -2.8% 4.1% PA 5,187,674 5,811,778 6,859,036 7,061,736 7,896,389 11.8% 5.6% Medical 20,995,224 27,187,871 30,871,232 31,534,101 33,379,966 5.9% 12.3% Miscellaneous 10,421,568 11,439,954 12,613,873 13,699,687 14,490,145 5.7% 11.3% Total 113,815,958 123,095,575 132,920,433 143,182,439 148,005,173 3.4% 7.5% 20INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
GROSS CLAIMS PAID BY LINE OF BUSINESS (2020-2024) IN USD Line of Business 2020 2021 2022 2023 2024 Auto 6,680,029 6,564,594 8,343,134 9,375,530 10,499,943 Property 6,826,900 6,357,735 3,288,281 10,367,843 19,157,103 MAT 2,464,160 338,890 1,016,946 226,153 110,104 Engineering 204,152 1,305,360 1,019,420 1,117,360 852,608 PA 1,740,600 1,877,889 2,557,498 2,146,983 2,214,718 Medical 10,743,422 10,416,449 15,325,887 21,949,081 22,265,834 Miscellaneous 524,626 2,910,416 435,823 1,118,223 947,317 Total 29,183,890 29,771,333 31,986,990 46,301,175 56,047,628 GROSS CLAIMS INCURRED BY LINE OF BUSINESS (2020-2024) IN USD Line of Business 2020 2021 2022 2023 2024 Y-O-Y Growth % Auto 6,946,338 7,302,545 9,631,842 9,274,826 10,442,256 12.6% Property 7,301,579 3,466,985 8,657,144 5,151,435 15,840,640 207.5% MAT 1,181,355 464,562 850,373 58,888 474,681 706.1% Engineering 4,338,759 1,011,689 565,612 210,443 336,181 59.7% PA 1,738,829 2,537,294 2,254,057 2,210,344 2,098,862 -5.0% Medical 10,407,217 10,859,476 17,128,185 20,859,600 22,813,009 9.4% Miscellaneous 3,544,292 1,500,820 885,077 1,037,283 556,180 -46.4% Total 35,458,369 27,143,371 39,972,292 38,802,820 52,561,809 35.5% GENERAL INSURANCE MARKET SEGMENTATION BY LINE OF BUSINESS Direct Sales 46.6% Brokers 26.7% Partnership (Bancassurance) 12.3% Agency 7.6% Digital 0.6% BY DISTRIBUTION CHANNEL Property 34.8% Medical 22.6% Auto 16.3% Misc. 9.8% Engineering 6.2% PA 5.3% MAT 5% Others 6.2% 22INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
RETENTION RATIO BY LINE OF BUSINESS (2020-2024) Line of Business 2020 2021 2022 2023 2024 Auto 64.4% 65.4% 65.8% 64.9% 65.8% Property 31.0% 31.8% 34.6% 32.6% 28.7% MAT 6.8% 8.0% 9.8% 7.8% 9.2% Engineering 16.0% 17.4% 22.9% 26.3% 24.0% PA 65.6% 60.3% 59.0% 61.9% 65.4% Medical 47.9% 52.2% 48.6% 47.9% 49.9% Miscellaneous 21.8% 22.3% 24.4% 25.8% 27.0% Total 37.6% 39.7% 41.8% 40.3% 40.1% GROSS LOSS RATIO BY LINE OF BUSINESS (2020-2024) Line of Business 2020 2021 2022 2023 2024 Auto 35.5% 35.7% 40.5% 38.6% 43.3% Property 18.2% 8.5% 19.2% 10.5% 30.7% MAT 16.2% 5.6% 11.2% 0.7% 6.4% Engineering 45.0% 10.9% 9.5% 2.2% 3.7% PA 33.5% 43.7% 32.9% 31.3% 26.6% Medical 49.6% 39.9% 55.5% 66.2% 68.3% Miscellaneous 34.1% 13.1% 7.0% 7.6% 3.8% Total 31.3% 22.1% 30.1% 27.1% 35.5%
Despite a significant drop in the number of policies from 0.5 million policies in 2023 to 0.49 million policies in 2024, the life insurance industry has rebounded after a slight decline in the previous year. For instance, the total gross premiums increased by 2.8% Y-O-Y in 2024, compared to a 0.5% decline in 2023. The total claims paid in 2024 were more than double the total claims paid in 2023, increasing from USD 16 million to 32.7 million. The most significant contribution to this surge was the substantial rises in maturity claims which increased by approximately 620% from 2023 to 2024. This rise indicates a substantial number of policies reaching their term and becoming due for payout. An increase in maturity claims can also be a sign of successful policy retention and customer satisfaction. Additionally, endowment products remain the dominant product in the life insurance market, which contributes significantly to the overall maturity claims as these policies typically involve lump sum payouts upon maturity. GROSS PREMIUM BY PRODUCTS (2020-2024) IN USD Products 2020 2021 2022 2023 2024 Y-O-Y Growth % CAGR 2020- 2024 Term Life 7,231,920 9,061,985 13,093,056 16,929,990 18,671,441 10.3% 26.0% Whole Life 514,466 648,871 709,738 1,007,373 1,943,676 92.9% 27.4% Endowment 128,640,121 135,137,455 157,352,456 159,746,488 163,733,076 2.5% 5.8% Group Products 15,451,342 21,260,441 23,612,456 17,024,402 15,870,981 -6.8% 4.5% Others 484,693 4,170,542 933,430 - - - - Total 152,322,542 170,279,294 195,676,954 194,708,252 200,219,174 2.8% 7.0% GROSS CLAIMS PAID BY CLAIMS CLASSIFICATIONS (2020-2024) IN USD Classification 2020 2021 2022 2023 2024 Maturity 2,575 - - 1,371,517 9,875,832 Death 5,468,142 8,283,013 9,931,472 9,455,072 10,201,189 Surrender 761,300 1,391,897 2,049,804 3,598,741 5,976,691 Disability 9,935 20,200 128,251 431,284 555,185 Others 652,269 966,543 1,123,276 1,129,530 6,068,048 Total 6,894,221 10,661,653 13,232,803 15,986,144 32,676,945 24INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA LIFE INSURANCE MARKET
Partnership (Bancassurance) 69.3% Agency 29.5% Others 1% Endowment 81.7% Term Life 9.3% Group Products 7.9% LIFE INSURANCE MARKET SEGMENTATION BY LINE OF BUSINESS BY DISTRIBUTION CHANNEL Whole Life 1% Digital 0.2%
In 2024, the microinsurance market grew, but at a slower pace, with gross premiums increasing by 22.6% year-over-year, compared to 24.4% in 2023. This growth was driven largely by the micro life insurance product, which rose by 45.8%, expanding its market share to 84.4% from 71% in 2023. The total number of micro insurance policies saw a significant rise, growing from 436,161 in 2023 to 939,513 in 2024. On the other hand, while the number of policies increased, the number of insured individuals actually declined from 925,717 in 2023 to 825,026 in 2024. This indicates that fewer individuals were covered under these policies, potentially highlighting the need for improvement in areas such as public awareness, affordable premiums and accessibility so more people can be insured. GROSS PREMIUM BY PRODUCTS (2020-2024) IN USD Line of Business 2020 2021 2022 2023 2024 Y-O-Y Growth % CAGR 2020- 2024 Auto 620,787 777,784 946,336 1,083,117 740,174 -31.7% 0.8% PA 774,082 571,956 487,938 185,997 51,839 -72.1% -42.6% Medical 1,678,694 1,110,086 954,970 824,628 585,352 -29.0% -27.0% Life 2,319,567 1,743,468 3,411,303 5,123,317 7,467,333 45.8% 21.7% Total 5,393,130 4,203,294 5,800,547 7,217,059 8,844,698 22.6% 4.3% GROSS CLAIMS PAID BY PRODUCTS (2020-2024) IN USD Line of Business 2020 2021 2022 2023 2024 Auto 204,537 172,500 222,298 211,629 193,179 PA 74,872 58,982 45,341 32,729 11,768 Medical 212,806 128,235 88,028 38,761 30,914 Life 457,453 407,787 510,109 750,199 1,952,375 Total 949,668 767,504 865,776 1,033,318 2,188,236 GROSS CLAIMS INCURRED BY PRODUCTS (2020-2024) IN USD Line of Business 2020 2021 2022 2023 2024 Auto 202,560 171,409 220,787 212,973 192,294 PA 100,202 97,922 57,123 36,679 11,656 Medical 201,673 122,380 78,928 38,002 30,914 Life 454,259 408,037 577,146 1,192,359 1,916,461 Total 958,694 799,748 933,984 1,480,013 2,151,325 26INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA MICRO INSURANCE MARKET
On February 24, 2024, IAC hosted a courtesy visit from The General Insurance Association of Japan and The General Insurance Institute of Japan, marking a key step in international cooperation. Following this, IAC supported the ISJ in organizing the ISJ Overseas Seminar in Phnom Penh on February 25-26, 2024, focused on the theme "The Mission of the Non-Life Insurance Industry for the Well-Being of All." The seminar highlighted best practices in Japan's general insurance market, including disaster responses and prompt claims. Additionally, IAC coordinated ISJ alumni reunion on February 25, fostering connections among 30 participants. The events emphasized the importance of global partnerships in enhancing industry growth and pledged ongoing collaboration between Cambodia and Japan in the insurance sector. STRENGTHENING TIES: CAMBODIA'S AND JAPAN'S INSURANCE SECTOR REGIONAL COOPERATION
ASEAN INSURANCE COUNCIL MEETING: GATHERING OF ASEAN INSURANCE LEADERS MARKS 50TH MILESTONE IAC was honored to chair the 50th AIC Meeting in Brunei Darussalam, and graciously accepted the role of the host country for the coming 51st AIC Meeting in 2025. IAC eagerly looks forward to welcoming delegates to the beautiful and culturally rich city of Siem Reap, Cambodia. This crucial regional event allowed the insurance industry to discuss market development, share experiences, and explore cooperation on key issues such as cross-border vehicle insurance, professional capacity building, disaster insurance, and reinsurance. In addition to these developments, it marked the first session of the newly established Health and Medical Insurance Committee aiming to address growing concerns and advancements in this vital sector. A notable highlight was the joint plenary session, where industry representatives engaged directly with ASEAN insurance regulators to address challenges and seek support. The meeting emphasized the importance of collaboration and continuous dialogue in driving the growth and resilience of the insurance industry in Southeast Asia. Brunei Darussalam, November 26-28, 2024 – The 50th ASEAN Insurance Council Meeting took place at The Empire Brunei, drawing delegates from insurance associations across all ASEAN countries. 28INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
ADOPTION OF NEW ACCOUNTING STANDARDS: IFRS 17 & IFRS 9 EFFECTIVENESS OF ASSOCIATION-REGULATOR RELATIONS IAC has consistently demonstrated strong collaboration with the insurance regulator, working effectively alongside them to address key priorities in the sector. Through these collaborative efforts, IAC continues to strengthen its relationship with the insurance regulator, ensuring that the industry's interests are well-represented and that regulatory developments support the growth and resilience of Cambodia's insurance sector. The Insurance Regulator and CEO Forum was organized for the first time on April 5, 2024, in Siem Reap Province to discuss and address various issues and concerns raised by operators. IAC played its role in facilitating our members in preparation for such direct engagement with the regulator. This joint effort allowed IRC and IAC to work towards creating a robust insurance culture that can drive growth and compliance within the industry. Prior to the formation of the Working Group to Promote the Implementation of International Financial Reporting Standards for Cambodia's Insurance Sector, IAC proactively engaged with Accounting and Auditing Regulator (ACAR) to discuss the feasibility for insurance companies to smoothly implement IFRS 17 and IFRS 9. As a result, the Working Group to Promote the Implementation of International Financial Reporting Standards, led by the Insurance Regulator of Cambodia, was formed, and the implementation timeline for these new standards was extended to January 2028. INSURANCE REGULATOR AND CEO FORUM 2024 29INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
IMPLEMENTATION OF COMPULSORY INSURANCE AND CROSS-BORDER INSURANCE PRAKAS ON CONDITIONS AND PROCEDURES FOR THE RENEWAL, SUSPENSION, AND TERMINATION OF INSURANCE CONTRACTS ESTABLISHMENT OF THE INSURANCE INSTITUTE OF CAMBODIA IAC has played a significant role in the process of establishing the Insurance Institute of Cambodia (IIC), led by the Insurance Regulator of Cambodia. After numerous discussions, the IIC, which will be established, will fall under the umbrella of IAC. The association will continue to work diligently to bring this institute to fruition, aiming to enhance insurance expertise and support the growing insurance market. IAC proactively shared challenges and provided inputs to the data reporting template for the Inter- ministerial Working Group for Compulsory Insurance, aiming to improve enforcement and address issues hindering implementation progress. Additionally, IAC actively participated in consultation meetings hosted by the insurance regulator on the draft sub-decree and prakas on compulsory insurance for private vehicles. Through the Motor Insurance Committee, IAC shared inputs and current practices for effective enforcement of the upcoming regulations. For cross-border motor insurance, IAC attended numerous meetings with the insurance regulator and the General Department of Customs and Excise to discuss enforcement. IAC also engaged the insurance operator and planned introductory sessions on the Blue Card and ACMI system for customs officers at border checkpoints. IAC facilitated the collection and consolidation of member inputs for the draft Prakas related to the Renewal, Suspension, and Termination of Insurance Contracts, to ensure that the forthcoming regulation can be smoothly implemented. 30INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
On May 6, 2024, IAC hosted a webinar at CamEd Business School. The event featured Mr. Ny Lyhoung, Chairman of Education Committee of IAC, and Mr. Ho Varabott, a Finance Professor at CamEd Business School. This collaborative session provided an enlightening and unique opportunity for CamEd students to gain valuable insights into the insurance industry. Mr. Ny Lyhoung's extensive experience and knowledge offered students an in-depth understanding of the industry, highlighting its importance and potential career opportunities. The event enriched the students' academic journey, sparked interest in the dynamic field of insurance, and highlighted the significance of partnerships between industry and academia in cultivating a skilled future workforce. INSURANCE INDUSTRY INSIGHTS SHARED AT CAMED BUSINESS SCHOOL 31INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA On September 12, 2024, a significant signing ceremony took place, marking the Memorandum of Understanding on Mutual Cooperation between IAC and ACLEDA University of Business. The event was graciously supported by the Insurance Regulator of Cambodia. The MOU aimed to strengthen the partnership between the insurance sector and academia. Nearly 200 enthusiastic students from ACLEDA Business University attended, eager to learn about the insurance industry. As part of the ceremony, IAC delivered an insightful presentation to deepen students' understanding of insurance fundamentals and highlight career opportunities in the industry. The presentation encouraged students to consider careers in the dynamic field of insurance. This collaboration symbolizes a new era of cooperation and shared goals, aiming to enhance insurance education and create promising career paths for young professionals in Cambodia. IAC AND ACLEDA UNIVERSITY OF BUSINESS SIGN MEMORANDUM OF UNDERSTANDING PUBLIC AWARENESS
On July 18, 2024, IAC, in collaboration with the Club of Cambodian Journalists, organized the “Insurance Industry Market Update” forum. The event attracted journalists nationwide, providing critical updates on the insurance sector's role in Cambodia's socio- economic development. Participants gained valuable insights on the insurance market's latest developments and the industry's impact on the Cambodian economy and renewed their commitment to informing the public about industry benefits and advancements. Presided over by His Excellency Bou Chanphirou, Director-General of Insurance Regulator of Cambodia, the event was graced by the presence of approximately 70 journalists representing 58 different institutions. The forum underscored the importance of collaboration between the media and the insurance sector, fostering better public awareness and understanding of insurance's pivotal role in society. 32INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA INSURANCE INDUSTRY MARKET UPDATE FORUM: STRENGTHENING MEDIA COLLABORATION FOR CAMBODIA’S SOCIO-ECONOMIC DEVELOPMENT
IAC JOINS EFFORTS WITH THE INSURANCE REGULATOR TO PROMOTE INSURANCE AWARENESS The collaborative efforts between Insurance Regulator of Cambodia (IRC) and IAC are pivotal in enhancing public knowledge and understanding of the insurance industry in Cambodia. These joint initiatives focus on promoting insurance awareness, and fostering the growth of the sector. Following IRC's lead, IAC also engaged with university students at the University of Kratie, delivering a lecture under the theme "The Insurance Sector's Contributions to Economic and Job Opportunities." This lecture emphasized how insurance underpins economic development and supports job creation. EDUCATIONAL LECTURES: A landmark event, Cambodia Insurance Day 2024, was organized on July 27-28 by IRC in collaboration with IAC and other stakeholders. This event, held in Preah Sihanouk Province, was designed to raise awareness about the importance of insurance in safeguarding individuals, businesses, and societies against risks and uncertainties. CAMBODIA INSURANCE DAY 2024: IAC shared the overview of insurance market in Cambodia during workshops initiated by IRC, such as the one focused on "General Insurance Products" held in Kratie Province this year. These sessions engaged local government officials, private sector representatives, and students. The workshops aimed to emphasize the importance and benefits of insurance products to the community. DISSEMINATION WORKSHOPS: 33INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
PROFESSIONAL DEVELOPMENTS On May 21, 2024, IAC and China Telecom Global (Cambodia) hosted a workshop on digital technologies and AI in insurance. The event featured speakers from the Insurance Regulator of Cambodia, IAC, and China Telecom Global, who discussed technological innovations enhancing efficiency, customer experience, and risk management in the industry. The panel discussion featured prominent industry leaders who shared their insights on integrating these technologies and the future of the insurance sector. This session helped attendees understand the opportunities and challenges of digital transformation in insurance. WORKSHOP ON DIGITAL TECHNOLOGIES AND AI IN INSURANCE INDUSTRY Overall, the event highlighted the importance of embracing digital technologies and AI to drive growth and innovation in the insurance industry. The collaboration between IAC and China Telecom Global emphasized the significance of cross-industry partnerships in advancing the sector. 34INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
On April 26, 2024, the Education Committee of IAC organized an Interactive Workshop for Insurance Trainers focused on the “Fundamentals of Insurance.” Around 80 participants from various insurance companies attended, deepening their understanding of essential concepts, regulations, and sales codes of conducts through insights from industry expert Mr. Ny Lyhuong. The program aimed to empower trainers with the skills to educate the next generation of insurance professionals. Attendees participated in group activities, discussing challenges and best practices in training insurance agents and sales staff. Building on these efforts, the Education Committee of IAC organized another “Fundamentals of Insurance” workshop on December 9, 2024, attracting enthusiastic trainers from member companies. The successful execution underscores our commitment to professional development and industry advancement, ensuring insurance professionals lead in industry standards and deliver exceptional service. By investing in trainer education, insurance companies strengthen the foundation for a capable workforce ready to face future challenges. TRAINING OF TRAINERS: EMPOWERING INSURANCE SALES STAFF AND AGENTS IN THE FUNDAMENTALS OF INSURANCE IAC organised a pivotal workshop titled “Enhancing Financial Statement Transparency and Consistency in Insurance Sector.” The event attracted a diverse audience of industry professionals and experts as it was a platform for sharing knowledge on IAS 1, which sets the foundation for financial statement presentation. The event marked a significant step towards enhancing the financial reporting standards among insurers, fostering a culture of transparency and consistency that will benefit the entire industry. Attendees were treated to insightful presentations on International Financial Reporting Standards (IFRS) by experts from KPMG and the Accounting Committee of IAC. IAC HOSTS WORKSHOP ON FINANCIAL STATEMENT TRANSPARENCY 35INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
On June 27, 2024, the Motor Insurance Claims Committee of IAC held a workshop titled "On Solid Ground: Enhancing Road Safety through Insurance and Compliance." The event aimed to improve rider safety in Cambodia by highlighting the importance of insurance and traffic law adherence. Participants, including claims surveyors and representatives from the Cambodia Trucking Association and Bus Transportation Association, discussed motor insurance policies and introduced the Barometer of Liability Agreement (BOLA) to standardize liability determination in claims. The workshop emphasized the vital link between compliance with traffic regulations and rider safety, promoting a responsible riding community to help reduce road accidents. ON SOLID GROUND: ENHANCING ROAD SAFETY THROUGH INSURANCE AND COMPLIANCE On August 23, 2024, IAC held a workshop on "Barometer of Liability Agreement (BOLA)." This event aimed to streamline the claim process among BOLA members, ensuring professionalism, efficiency, and effectiveness in the handling of claims. The workshop brought together industry experts and key stakeholders to explore ways to provide faster and more efficient service to policyholders in utilizing insurance services. Through this initiative, IAC, with support from Motor Insurance Claims Committee, continues to demonstrate our commitment to improving industry's service and building greater public's trust toward the sector. WORKSHOP ON BAROMETER OF LIABILITY AGREEMENT (BOLA) 36INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
INDUSTRY'S CSR EFFORTS In 2024, IAC organized two remarkable events that showcased the insurance industry's commitment to ongoing practice of giving back to the community and fostering a healthy lifestyle. The insurance industry once again demonstrated its dedication to community support during the second annual Insurance Badminton Charity event on September 14-15, 2024. Hosted by IAC, the event brought together passionate players, generous sponsors, and enthusiastic supporters, all united for the noble cause of raising funds for Cambodian children's hospitals. With 142 players (including 40 women) forming 71 pairs, the event successfully raised USD 5,000 for Kuntha Bopha Hospital and USD 2,000 for Angkor Hospital for Children. This initiative highlighted the industry's unwavering commitment to improving the lives of Cambodian children through collective effort and community spirit. INSURANCE INDUSTRY GALA DINNER: CHAMPIONING ESG EFFORTS IN CAMBODIA On April 5, 2024, in celebration of the Khmer New Year, IAC hosted a Gala Dinner in Siem Reap Province. This event brought together esteemed members of the insurance sector and key stakeholders to foster a sense of community and collaboration while honoring Cambodia's rich cultural heritage. The evening featured a panel discussion on the insurance industry's role in advancing ESG efforts in Cambodia, with valuable insights from regulators and experts. As part of their ESG commitment, $2,500 from the event was donated to Angkor Hospital for Children, underscoring the industry's dedication to supporting healthcare and making a positive impact on the lives of Cambodian children. IAC extends heartfelt gratitude to the generous sponsors, partners, and participants who made this event possible and contributed to this meaningful donation. INSURANCE BADMINTON CHARITY EVENT 2024: A RESOUNDING SUCCESS 37INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
OUR MEMBERS IN 2024 1 Bangkok Insurance (Cambodia) Plc. 2 Cambodia-Vietnam Insurance Plc. 3 Cambodian National Insurance Company 4 Campu Lonpac Insurance Plc. 5 CB General Insurance Plc. 6 Civil Safe Insurance Plc. 7 Dara Insurance Plc. 8 East Insurance Plc. 9 Etiqa General Insurance (Cambodia) Plc. G E N E R A L I N S U R A N C E C O M P A N I E S 10 Forte Insurance (Cambodia) Plc. 11 Huione Insurance Plc. 12 Infinity General Insurance Plc. 13 Ly Hour SBI Insurance Plc. 14 Newa Insurance (Cambodia) Plc. 15 People & Partners Insurance Plc. 16 Phillip General Insurance (Cambodia) Plc. 17 Prosur Insurance Plc. 1 AIA (Cambodia) Life Insurance Plc 2 Dai-ichi Life Insurance (Cambodia) Plc. 3 Etiqa Life Insurance (Cambodia) Plc. 4 Forte Life Assurance (Cambodia) Plc. 5 Fortune Life Insurance Plc. 6 FWD Life Insurance (Cambodia) Plc. L I F E I N S U R A N C E C O M P A N I E S 7 GC Life Insurance Plc. 8 Huione Life Insurance Plc. 9 Manulife (Cambodia) Plc. 10 Phillip Life Assurance (Cambodia) Plc. 11 Prudential (Cambodia) Life Assurance Plc. 12 Sovannaphum Life Assurance Plc. 1 Cambodia Life Micro Insurance Plc. 2 Cambodian People Micro Insurance Plc. 3 Mekong Microinsurance Plc. 4 Milvik (Cambodia) Micro Insurance Plc. M I C R O I N S U R A N C E C O M P A N I E S 5 Prevoir (Kampuchea) Micro Life Insurance Plc. 6 Serendib Microinsurance Plc. 7 SIA Microinsurance Plc. 1 Cambodian Reinsurance Company "Cambodia Re" R E I N S U R A N C E C O M P A N Y 38INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
ROLL OF HONOUR 2005-2008 MR. JEFFREY WHITTAKER 2008-2009 2009-2014 2014-2017 2017-2020 2020-2022 2022-2023 2024- Present CHAIRMAN VICE-CHAIRMAN 2005 - PRESENT Celebrating2 0 Y E A R S 39INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA MR. YOUK CHAMROEUNRITH H.E. VONG BUNINTREAVUTH MR. CAO MINH SON MR. CHHAY RATTANAK MR. ROBERT ELLIOTT MR. JEFFREY WHITTAKER MR. HUY VATHARO MR. YOUK CHAMROEUNRITH MR. CHAN ROTHA MR. HUY VATHARO MR. CHHAY RATTANAK MR. HUY VATHARO MR. ROBERT ELLIOTT MR. JEFFREY WHITTAKER MR. HUY VATHARO MR. YOUK CHAMROEUNRITH MR. JUSTIN DAVID HELFERICH MR. HUY VATHARO MR. OUK SAMEATH (JAN - JUNE 2024) MR. JEFFREY WHITTAKER (JUNE 2024 - PRESENT) MR. SAMRETH MUNY ANNIVERSARY YEARS 2005-202520
OUR SPONSORS 40INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA C H A M P I O N L E A D E R P A R T N E R S S U P P O R T E R S
CONTACT OUR SPONSORS +855 1800 211 211 customer_service_kh@manulife.com www.manulife.com.kh Ground Floor, TK Central, No. 12, Street 289, Sangkat Boeung Kak 1, Khan Toul Kork, Phnom Penh, Kingdom of Cambodia C H A M P I O N MANULIFE (CAMBODIA) PLC. +855 23 888 156 contact@bkicambodia.com www.bkicambodia.com #181, Street Norodom Blvd, Sangkat Boeung Keng Kang Ti 1, Khan Boeung Keng Kang, Phnom Penh L E A D E R PRUDENTIAL (CAMBODIA) LIFE ASSURANCE PLC. +855 23 964 222 / 1800 21 22 23 (Toll-Free) info@prudential.com.kh www.prudential.com.kh Chip Mong Tower, Unit L19, L20 and L21 on 19th Floor, 20th Floor and 21st Floor Russian Federation Blvd (110), Phum 10, Sangkat Phsar Depou 3, Khan Toul Kork, Phnom Penh P A R T N E R S BANGKOK INSURANCE (CAMBODIA) PLC. S U P P O R T E R S +855 86 999 242 kh.care@aia.com www.aia.com.kh GIA Tower, 31st Floor, Sopheak Mongkul Street, Phum 14, Sangkat Tonle Bassac, Khan Chamkar Mon, Phnom Penh, Kingdom of Cambodia AIA (CAMBODIA) LIFE INSURANCE PLC +855 23 238 088 / 98 777 429 / 95 777 429 info@proteva-insurance.com.kh www.proteva-insurance.com.kh Building No. 62, 4th Floor, St. 289 Corner St. 528, Phum 10, Sangkat Boeung Kak 1, Khan Toul Kork, Phnom Penh, Kingdom of Cambodia PROTEVA INSURANCE PLC. +855 23 966 966 enquiries@campulonpac.com.kh www.campulonpac.com.kh 7th Floor, Campu Bank Building No. 23, Kramuon Sar Avenue (St. 114) Sangkat Phsar Thmey 2, Khan Daun Penh, Phnom Penh, Kingdom of Cambodia CAMPU LONPAC INSURANCE PLC. +855 23 888 088 / 69 731 111 info@prosur.com.kh www.prosur.com.kh Kampuchea Tela No. C168, 3rd Floor, Russian Federation Blvd, Phum CPC, Sangkat Toeuk Thla, Khan Sen Sok, Phnom Penh, Kingdom of Cambodia PROSUR INSURANCE PLC. +855 86 989 000 tpainfo@cambodiareblueventure.com.kh www.cambodiareblueventure.com.kh Vtrust Tower, 6th Floor, Street 169, Phum 12, Sangkat Veal Vong, Khan 7 Makara, Phnom Penh, Kingdom of Cambodia CAMBODIARE BLUEVENTURE CO., LTD. 41INSURANCE MARKET OVERVIEW 2024 INSURANCE ASSOCIATION OF CAMBODIA
#17, St 134. Sangkat Mittapheap, Khan 7 Makara, Phnom Penh, Cambodia +855 92 778 111 www.iac.org.kh info@iac.org.kh facebook.com/iacambodia ស គម ប់រងកម Insurance Association of Cambodia We sincerely appreciate your ongoing support as we work together to strengthen and develop the insurance industry in Cambodia.