Khmer Times News: Insurance Regulator of Cambodia (IRC), on 3rd July 2025, kicked off a high-level national workshop to review and update the country’s strategic development plan for the insurance sector (2021-2030) to address evolving global risks and bolster resilience.
Addressing the workshop at Sokha Phnom Penh Hotel, Bou Chanphirou, Director-General of the IRC, underscored the importance of updating the strategy in light of intensifying global challenges.
He said, “As the world, including Cambodia, continues to face growing risks from geopolitical tensions, protectionist policies, trade uncertainties, and the increasing need for social safety nets, the role of insurance as a financial protection mechanism for individuals and the nation is more vital than ever before.”
Senior government officials, representatives of insurance companies, development partners, students, and media professionals attended the workshop.
The workshop is expected to play a pivotal role in aligning Cambodia’s insurance sector with international standards, while reinforcing its role as a buffer against financial shocks and a pillar of national resilience.
The Director-General highlighted that Cambodia’s insurance sector has made significant strides since the implementation of the 2021-2030 strategy. He noted the sector’s expansion in key areas such as institutional capacity, regulatory frameworks, market growth, cooperation and connectivity.
He cited impressive growth in market size, stating, “Cambodia’s insurance market has grown from approximately $299 million in 2021 to about $357 million in gross written premiums by 2024.
Total assets have surpassed $1 billion, and shareholder equity stands at more than $449 million.”
He went on add that in 2024 alone, insurance contracts provided coverage for financial risks amounting to over $80 billion, with insurance claims of more than $104 million disbursed to policyholders. Despite this progress, the sector contributes just 1.13 percent to GDP, with per capita insurance density at $20.65, indicating further room for growth.
“To ensure sustained growth and resilience,” he stressed, “the current strategy must be reviewed, assessed, and modernized to adapt to the rapidly evolving risk landscape.”
Chanphirou called on stakeholders to actively engage in discussions and provide input that would make the revised strategy robust, inclusive, and implementable. He proposed four key areas, including strengthening cooperation and connectivity by building ties with both domestic and international institutions to elevate Cambodia’s insurance services to international standards and ensure sustainable development of the sector.
He also emphasized the need to enhance the regulatory framework by improving mechanisms to monitor the financial and operational performance of insurers and ensure compliance with relevant laws and standards.
He
highlighted the importance of institutional capacity building through the
adoption of emerging technologies in insurance (InsurTech) to drive innovation
and make the market attractive.
Video source:
https://youtu.be/pZziw9QOb-4?si=I48LtPh3LfyMYVSw
