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Insurance regulator discusses InsurTech assistance with World Bank

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Cambodia’s insurance regulator (IRC) has held talks with insurance specialists from the World Bank (WB), according to a statement issued by the regulatory agency.

The virtual meeting on May 10 discussed the IRC’s request for technical assistance from the World Bank on InsurTech, challenges, as well as the state of InsurTech in Cambodia.

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Attending the meeting from the IRC side were Director General Bou Chanphirou, Deputy Directors General and Heads of Departments of the agency.

Last year, the total gross premium generated in the Cambodian insurance sector reached $297.6 million, which is 9% more than in 2020. According to the IRC, insurance penetration in the country stood at 1.1% last year, up slightly from 1.04% in 2020, while the insurance density stood at $17.5, down from $16.3 previously. There were 18 general insurers, 14 life insurers, seven microinsurance companies and one reinsurer operating in the country at the end of last year.

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