The genesis of Insurance
Cambodia’s insurance was institutionalized from 1956 but the Khmer Rouge regime put an end to its flourishment from 1975. After the country recovered from its ashes, in 1990-2000, the government introduced the first Laws of Insurance with state-owned insurance company CAMINCO, and also a reinsurance company CAMBODIA-RE in 2002.
Modernization of Cambodian Insurance
Until 2010, the market was limited to non-life insurance businesses with relatively low retention rates. The following year, the government promoted micro-insurance to offer access to a wider population.
Life Insurance was in place from 2012 and had a significant drive thanks to the dynamism of international players entering Cambodia (Manulife, Prudential…).
The Cambodia Insurance Law in 2014 has provided the basic regulatory principles.
SAFETYNET Health Insurance Specialist
Founded in Singapore in 2015 with a team in Phnom Penh from 2016, it is the first “specialist” in Health Insurance to protect Cambodians from unexpected medical expenses. It is now the undisputed leader in the Kingdom, supported by AXA (Insurance World leader) and FORTE Insurance (Cambodia’s leading General Insurer).
A new authority to prepare the future
In 2021, the Law about the Non-Banking Financial Services Authority (the NBFSA Law) was released, establishing a new regulatory authority under the supervision of the Minister of Economy and Finance. This body includes the Insurance Regulator of Cambodia (IRC) and the Social Security Regulator.
In July 2022, the IRC and IAC announced that vehicle insurance will become compulsory to ensure compensation for traffic accident victims…Another milestone to financially protect millions of Cambodians from unexpected costs…