Understanding the Insurance Market in Cambodia

Explore the general insurance market in Cambodia, including the economy overview, key sectors, number of insurers, market size, challenges, opportunities, and risks. Gain insights into premium comparisons and the mix of business in the industry.

• Insurance Market
• Cambodia
• Economy Overview
• Risks
• Opportunities

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1. Insurance in Cambodia Insurance in Cambodia Opportunities and Risks Opportunities and Risks ASIAN CLAIMS CONVENTION Sofitel Phnom Penh 25thApril 2019 Leng Diep, FIAA 1

2. Agenda Brief introduction on the economy Overview of the General Insurance Market Number of Insurers Market Size Penetration Rate Mix of Business Loss Ratio Challenges Opportunities Risks 2

3. The Economy 3

4. The Economy 4

5. The Economy Key Sectors Manufacturing Tourism Real Estate 5

6. General Insurance Market Number of Insurers (as at April 2019) 6

7. General Insurance Market Number of Insurers (as at April 2019) License Granted Year Company 1993 Caminco 1996 Asia 1996 Forte 2007 Lonpac 2007 Infinity 2009 Cambodia-Vietnam 2015 People & Partners 2017 Philip 2017 Lyhour 2017 East 2018 Newa 2018 Dara 7

8. General Insurance Market Market Size (2018 GWP is $USD 87m) 100 30% 90 25% 80 70 20% 60 Growth Rate $m 50 15% 40 10% 30 20 5% 10 0 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 GWP GWP Growth Rate 8

9. General Insurance Market Premium vs Foreign Direct Investments GWP Vs FDI 80 3,000 70 2,500 60 2,000 50 $m $m 40 1,500 30 1,000 20 500 10 0 - Gross Written Premium $mUSD FDI $mUSD 9

10. General Insurance Market Premium Comparison Premium ($USD Million) Country Cambodia 87 Singapore 2,964 Thailand 6,743 Note: Direct Gross Premium for 2018 Sources: www.iac.org.kh, www.mas.gov.sg, www.tgia.org, www.forex.com 10

11. General Insurance Market Mix of Business 11

12. General Insurance Market Mix of Business Comparison Cambodia Thailand 12

13. General Insurance Market Penetration Rate (2017) 1.60% 1.40% 1.20% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% Cambodia Singapore Thailand 13

14. General Insurance Market Gross Incurred Loss Ratio (by Financial Year) 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 2014 2015 2016 2017 2018 Financial Year 14

15. General Insurance Market Incurred Loss Ratio 2014-2016 Source: Thai Non-Life Insurance Landscape June 2018, TGIA 15

16. Challenges Human resources Sufficient expertise? Attract talent Consumers have limited understanding of the insurance The suppliers too Small market Reinsurance rate is not so great Access to reinsurance support for some niche risk is very difficult More regulations Insurance frauds 16

17. Opportunities Growing market with good potential growth prospect Auto, Medical and Property Profitable market in the ASEAN region Low risk of natural disasters Scope to introduce technology to improve efficiency in area such as claim management 17

18. Risks Pressure on premium rate from more competition Good for consumers! Stability of each insurer (small insurers) External market conditions Claim dispute and trust in insurance 18

19. Asian Claims Convention Questions? 19