Press Release on "Cambodia Insurance Day 2024"
Insurance Regulator of Cambodia, in cooperation with the Insurance Association of Cambodia, the Insurance Broker Association of Cambodia, and insurance institutions, has organized "Cambodia Insurance Day 2024 at Techo Terrace (Poy Tamong), Preah Sihanouk province. Cambodia Insurance Day 2024 has been conducted for 2 days, from 27th to 28th July 2024, in which the official opening ceremony was inaugurated under the high presidency of His Excellency ROS Seilava, Secretary of State of the Ministry of Economy and Finance and Vice Chairman of the Council of the Non-Bank Financial Service Authority(FSA), highly representative His Excellency Akka Bundit Sopheacha Aun Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance, and the Chairman of the Council of FSA, Mr. MIN Kumpheak, Deputy Governor of Preah Sihanouk province, His Excellency BOU Chanphirou, Director General of the Insurance Regulator of Cambodia, His/her Excellencies member of the Council of the Non-Bank Financial Service Authority, as well as Chairman of the Insurance Association of Cambodia and Chairman of the Insurance Broker Association of Cambodia, with participation from of provincial administration, relevant governmental organizations, development partners, chamber of commerce, insurance institutions, and higher education institutions, business associations and the public in Preah Sihanouk province, along with a great turnout.
The Insurance Day is organized under the 3 primary objectives, including:
Taking this occasion alongside the congratulatory remarks on the success of the commencement of Cambodia Insurance Day 2024, His Excellency ROS Seilava has highlighted the crucial roles of the insurance sector in supporting the social security system and proactively contributing to national economic development as well as some crucial tasks to elevate the Cambodian insurance market to a higher level in the near future.
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Simultaneously, His Excellency BOU Chanphirou has demonstrated substantial growth in the insurance sector over the past 5 years. Indeed, in 2023 Cambodian insurance market, there are a total of 105 insurance institutions, comprising 18 general insurance companies, 14 life insurance companies, 7 microinsurance companies, 1 re-insurance company, 20 insurance brokers, 39 insurance agents, 3 loss adjustors, 2 claim managements and 1 actuarial company operating insurance businesses in the market. Alongside the increasing number of insurance institutions, the Cambodian insurance market increased to approximately USD 344 million in 2023, with an insurance penetration of 1.16% of the GDP and an insurance density of around USD 21.02 per person. These two indicators illustrate that the Cambodian insurance market has potential room for further growth and signify that the limited public awareness of insurance's benefits and lack public trust in insurance are the challenges, which require insurance public outreach and education, especially on its meaning and advantages.
Acknowledging these potential growths and the challenges, the Insurance Regulator of Cambodia has organized this event with the high hope that Insurance Day will directly contribute to fostering the socioeconomic development of the Preah Sihanouk province through raising awareness regarding the benefits of insurance and bringing insurance service closer to the citizens of Preah Sihanouk province. Furthermore, Insurance Day consists of sideline programs, including a press conference on the insurance sector, a donation to the Kantha Bopha Foundation of Cambodia, an exhibition from insurance institutions, a fun run under the theme "Run for Life" to gather the funds for Cambodia Red Cross in Preah Sihanouk province, blood donation under the theme "Your Blood My Life" to support social activities, especially saving lives of the people.
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