Insurance Regulator of Cambodia Activities

Irc

SAFETYNET Cambodia support the activities of the Insurance Regulator (IRC), lead by H.E. Bou Chanphirou, Director General, to create a robust and trustable sector for the benefit of the Cambodian society. The insurance penetration rate/GDP in Cambodia currently fluctuates at around 1.1-1.2%, while the world average is at 6.3%. Cambodian government has a long-term goal of increasing the insurance penetration rate in the country to 5.5 percent by 2030.

We could list some of IRC activities: 

Strategic Development Plan (2021-2030) 

The IRC formulates a comprehensive Strategic Development Plan for the insurance sector. This plan outlines key objectives, regulatory enhancements, and industry expansion, it was adopted by the Non-Bank Financial Service Authority Council in the Session on 15 September 2021. A dissemination workshop on 7 June, 2024 allowed various parties to share on this important plan. 

Monitoring and Compliance 

The IRC continuously monitors insurance companies’ compliance with regulations. This ensures fair practices, financial stability, and consumer protection. 

Market Surveillance 

The IRC keeps a close watch on market dynamics, emerging risks, and industry trends. This helps maintain a healthy insurance environment. 

National School of Insurance

Training and financial literacy are keystones to improving insurance penetration in Cambodia. Towards this end, the IRC is planning to set up the National School of Insurance in the Kingdom in the coming years (2025-2027).

You can learn more about the IRC: https://irc.gov.kh/en 

Video with the Deputy Director General of the IRC, Ms Sovathana HOR & Chairman of the Insurance Association of Cambodia Mr Vatharo HUY: Watch this exclusive interview

If you want to know more about SAFETYNET Cambodia health insurance plans, feel free to contact us: help@safetynet-health.com -or- call us 023 23 57 57.