Obviously, Singapore, Malaysia and Thailand have the highest penetration, as it is correlated to their economic development and population maturity toward Insurance products.
With a total of $246 Millions of Gross Premium in 2019, the Kingdom has a penetration of the Insurance industry into the GDP of 0.91% (0.4% for non-life insurance).
ASEAN societal issues such as urbanization, ageing population, rising medical costs or lack of retirement systems, will undeniably force the region’s population to find financial protection solutions.
The Insurance industry will only be able to grab this potential by understanding deeper the deep rooted obstacles: prejudices/ biases, product offer, distribution limitations, lack of digitalization…
SAFETYNET, is the leading Health Insurance specialist brand in Cambodia which was established based on the idea of an innovative Health Insurance to cover all ages without medical questionnaires at an Affordable premium coupled with a top notch IT infrastructure.
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