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The Insurance Industry in Cambodia, Key Trends and Opportunities to 2017 - Product Image

The Insurance Industry in Cambodia, Key Trends and Opportunities to 2017

  • ID: 2387296
  • November 2013
  • Region: Cambodia
  • 154 Pages
  • Timetric
A high rate of accidents on roads in Cambodia encouraged the population to invest in motor insurance and third-party liability insurance.

The report provides in depth industry analysis, information and insights into the insurance industry in Cambodia, including:
- The Cambodian insurance industry’s growth prospects by insurance segments and sub-segments
- The competitive landscape in the Cambodian insurance industry
- The current trends and drivers of the Cambodian insurance industry
- The challenges facing the Cambodian insurance industry
- Detailed regulatory framework of the Cambodian insurance industry
- Benchmarking section on the Cambodian insurance industry in comparison to other countries in the South-East Asian region

Summary
Despite there being only nine insurance companies operating in Cambodia in 2012, the insurance industry is growing. The global financial crisis affected the industry in 2009, as non-life insurance, the largest segment in the industry, registered a decline of 3.2%. Insurance penetration stood at 0.25% in 2012, which is very low when compared with developed countries. The Cambodian insurance industry consists of both domestic and foreign insurers. The fire and motor insurance categories led the industry as the high rate of road accidents supported the READ MORE >

A high rate of accidents on roads in Cambodia encouraged the population to invest in motor insurance and third-party liability insurance.

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Regional Market Dynamics
3.1 Overview
3.2 Market Trends
3.3 Market Size
4 Life Insurance Segment – Regional Benchmarking
4.1 Scale and Penetration
4.1.1 Total segment gross written premium
4.1.2 Premium per capita
4.1.3 Life insurance penetration as a percentage of GDP
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and Risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a percentage of GDP
5 Non-Life Insurance Segment – Regional Benchmarking
5.1 Scale and Penetration
5.1.1 Total segment gross written premium
5.1.2 Premium per capita
5.1.3 Non-life insurance penetration as a percentage of GDP
5.2 Growth
5.2.1 Gross written premium
5.2.2 Gross written premium per capita
5.3 Efficiency and Risk
5.3.1 Loss ratio
5.3.2 Combined ratio
5.3.3 Incurred losses per capita
5.3.4 Incurred losses as a share of GDP
6 Personal Accident and Health Insurance Segment – Regional Benchmarking
6.1 Scale and Penetration
6.1.1 Total segment gross written premium
6.1.2 Premium per capita
6.1.3 Personal accident and health insurance penetration as a percentage of GDP
6.2 Growth
6.2.1 Gross written premium
6.2.2 Gross written premium per capita
6.3 Efficiency and Risk
6.3.1 Loss ratio
6.3.2 Combined ratio
6.3.3 Incurred losses per capita
6.3.4 Incurred losses as a percentage of GDP
7 Cambodian Insurance Industry Overview
7.1 Cambodian Insurance Industry
7.2 Key Industry Trends and Drivers
7.3 Challenges
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Legislation Trends by Type of Insurance
8.2.1 Life insurance regulatory trends
8.2.2 Property insurance regulatory trends
8.2.3 Motor insurance regulatory trends
8.2.4 Marine, aviation and transit insurance regulatory trends
8.2.5 Personal accident and health insurance regulatory trends
8.3 Compulsory Insurance
8.3.1 Construction insurance
8.3.2 Compulsory insurance of passenger transport
8.3.3 Worker’s compensation insurance
8.3.4 Motor vehicle third-party liability insurance
8.4 Supervision and Control
8.4.1 International Association of Insurance Supervisors
8.4.2 Ministry of Economy and Finance
8.4.3 General Insurance Association of Cambodia (GIAC)
8.4.4 Non-Admitted Insurance Regulatory Trends
8.4.5 Overview
8.4.6 Intermediaries
8.4.7 Market practices
8.4.8 Fines and penalties
8.5 Company Registration and Operations
8.5.1 Types of insurance organization
8.5.2 Establishing a local company
8.5.3 Foreign ownership
8.5.4 Types of license
8.5.5 Capital requirements
8.5.6 Solvency margins
8.5.7 Investment regulations
8.5.8 Statutory return requirements
8.6 Taxation
8.6.1 Insurance premium or policy taxation
8.6.2 Corporate tax
8.6.3 VAT
8.6.4 Captives
8.7 Legal System
8.7.1 Introduction
8.7.2 Access to court
8.7.3 Alternative dispute resolution (ADR)
9 Industry Segmentation
9.1 Non-Life Insurance
9.1.1 Property insurance
9.1.2 Motor insurance
9.1.3 Liability insurance
9.1.4 Marine, aviation and transit insurance
9.2 Personal Accident and Health Insurance
9.2.1 Personal accident insurance
9.2.2 Health insurance
9.3 Reinsurance
10 Competitive Landscape
10.1 Overview
10.2 Leading Companies
10.2.1 Forte Insurance – company overview
10.2.2 Caminco – company overview
10.2.3 Cambodia-Vietnam Insurance Company – company overview
11 Macroeconomic Indicators
11.1 GDP at Constant Prices (US$)
11.2 GDP Per Capita at Constant Prices (US$)
11.3 GDP at Current Prices (US$)
11.4 GDP Per Capita at Current Prices (US$)
11.5 Construction net Output at Current Prices (US$)
11.6 Construction Net Output at Current Prices as a Percentage of GDP
11.7 Inflation Rate
11.8 Labor Force
11.9 Exports as a Percentage of GDP
11.1 Imports as a Percentage of GDP
11.11 Total Population
12 Appendix
12.1 Methodology
12.2 Contact Timetric
12.3 About Timetric
12.4 Timetric’s Services
12.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Southeast Asia – Life Expectancy, 2000 and 2012
Table 3: Cambodian Insurance – Overall Written Premium by Segment (US$ Million), 2008–2012
Table 4: Cambodian Insurance – Overall Written Premium by Segment (US$ Million), 2012–2017
Table 5: Cambodian Insurance – Segmentation (% Share), 2008–2017
Table 6: Cambodia – Corporation Tax Rates for the Financial Year 2013
Table 7: Cambodian Non-Life Insurance – Written Premium by Category (US$ Million), 2008–2012
Table 8: Cambodian Non-Life Insurance – Written Premium by Category (US$ Million), 2012–2017
Table 9: Cambodian Non-Life Insurance – Paid Claims (US$ Million), 2008–2012
Table 10: Cambodian Non-Life Insurance – Paid Claims (US$ Million), 2012–2017
Table 11: Cambodian Non-Life Insurance – Incurred Loss (US$ Million), 2008–2012
Table 12: Cambodian Non-Life Insurance – Incurred Loss (US$ Million), 2012–2017
Table 13: Cambodian Non-Life Insurance – Loss Ratio (%), 2008–2012
Table 14: Cambodian Non-Life Insurance – Loss Ratio (%), 2012–2017
Table 15: Cambodian Non-Life Insurance – Combined Ratio (%), 2008–2012
Table 16: Cambodian Non-Life Insurance – Combined Ratio (%), 2012–2017
Table 17: Cambodian Non-Life Insurance – Total Assets (US$ Million), 2008–2012
Table 18: Cambodian Non-Life Insurance – Total Assets (US$ Million), 2012–2017
Table 19: Cambodian Non-Life Insurance – Retentions (US$ Million), 2008–2012
Table 20: Cambodian Non-Life Insurance – Retentions (US$ Million), 2012–2017
Table 21: Cambodian Property Insurance – Written Premium (US$ Million), 2008–2012
Table 22: Cambodian Property Insurance – Written Premium (US$ Million), 2012–2017
Table 23: Cambodian Motor Insurance – Written Premium (US$ Million), 2008–2012
Table 24: Cambodian Motor Insurance – Written Premium (US$ Million), 2012–2017
Table 25: Cambodian Liability Insurance – Written Premium (US$ Million), 2008–2012
Table 26: Cambodian Liability Insurance – Written Premium (US$ Million), 2012–2017
Table 27: Cambodian Marine, Aviation and Transit Insurance – Written Premium (US$ Million), 2008–2012
Table 28: Cambodian Marine, Aviation and Transit Insurance – Written Premium (US$ Million), 2012–2017
Table 29: Cambodian Personal Accident and Health Insurance – Written Premium by Category (US$ Million), 2008–2012
Table 30: Cambodian Personal Accident and Health Insurance – Written Premium by Category (US$ Million), 2012–2017
Table 31: Cambodian Personal Accident and Health Insurance – Paid Claims (US$ Million), 2008–2012
Table 32: Cambodian Personal Accident and Health Insurance – Paid Claims (US$ Million), 2012–2017
Table 33: Cambodian Personal Accident and Health Insurance – Incurred Loss (US$ Million), 2008–2012
Table 34: Cambodian Personal Accident and Health Insurance – Incurred Loss (US$ Million), 2012–2017
Table 35: Cambodian Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Table 36: Cambodian Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Table 37: Cambodian Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Table 38: Cambodian Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Table 39: Cambodian Personal Accident and Health Insurance – Total Assets (US$ Million), 2008–2012
Table 40: Cambodian Personal Accident and Health Insurance – Total Assets (US$ Million), 2012–2017
Table 41: Cambodian Personal Accident and Health Insurance – Retentions (US$ Million), 2008–2012
Table 42: Cambodian Personal Accident and Health Insurance – Retentions (US$ Million), 2012–2017
Table 43: Cambodian Personal Accident Insurance – Written Premium (US$ Million), 2008–2012
Table 44: Cambodian Personal Accident Insurance – Written Premium (US$ Million), 2012–2017
Table 45: Cambodian Health Insurance – Written Premium (US$ Million), 2008–2012
Table 46: Cambodian Health Insurance – Written Premium (US$ Million), 2012–2017
Table 47: Cambodian Reinsurance Ceded by Insurance Segment (US$ Million), 2008–2012
Table 48: Cambodian Reinsurance Ceded by Insurance Segment (US$ Million), 2012–2017
Table 49: Cambodian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 50: Cambodian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 51: Cambodian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 52: Cambodian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 53: Forte Insurance, Main Products
Table 54: Forte Insurance, Key Employees
Table 55: Caminco, Main Products
Table 56: Caminco, Key Employees
Table 57: Cambodia-Vietnam Insurance Company, Main Products

List of Figures
Figure 1: Southeast Asia – Economies and Populations, 2011
Figure 2: Southeast Asia – Growth Trends in the Insurance Industry
Figure 3: Southeast Asian Region – Total Insurance Industry by Insurance Segment (US$ Billion), 2011
Figure 4: Southeast Asian Comparison – Life Insurance Segment Gross Written Premium (US$ Billion), 2011
Figure 5: Southeast Asian Comparison – Life Insurance Premium per Capita (US$), 2011
Figure 6: Southeast Asian Comparison – Life Insurance Penetration (% of GDP), 2011 and 2016
Figure 7: Southeast Asian Comparison – Life Insurance Gross Written Premium Growth (%), 2007–2016
Figure 8: Southeast Asian Comparison – Life Insurance Gross Written Premium per Capita Growth (%), 2007–2016
Figure 9: Southeast Asian Comparison – Life Insurance Loss Ratio (%), 2011 and 2016
Figure 10: Southeast Asian Comparison – Life Insurance Combined Ratio (%), 2011 and 2016
Figure 11: Southeast Asian Comparison – Life Insurance Incurred Losses per Capita (US$), 2011 and 2016
Figure 12: Southeast Asian Comparison – Life Insurance Incurred Losses as a Percentage of GDP (%), 2011 and 2016
Figure 13: Southeast Asian Comparison – Non-Life Insurance Segment Gross Written Premium (US$ Billion), 2011
Figure 14: Southeast Asian Comparison – Non-Life Insurance Premium per Capita (US$), 2011
Figure 15: Southeast Asian Comparison – Non-Life Insurance Penetration (% of GDP), 2011 and 2016
Figure 16: Southeast Asian Comparison – Non-Life Insurance Gross Written Premium Growth (%), 2007–2016
Figure 17: Southeast Asian Comparison – Non-Life Insurance Gross Written Premium per Capita Growth (%), 2007–2016
Figure 18: Southeast Asian Comparison – Non-Life Insurance Loss Ratio (%), 2011 and 2016
Figure 19: Southeast Asian Comparison – Non-Life Insurance Combined Ratio (%), 2011 and 2016
Figure 20: Southeast Asian Comparison – Non-Life Insurance Incurred Losses per Capita (US$), 2011 and 2016
Figure 21: Southeast Asian Comparison – Non-Life Insurance Incurred Losses per GDP (%), 2011 and 2016
Figure 22: Southeast Asian Comparison – Personal Accident and Health Insurance Segment Gross Written Premium (US$ Billion), 2011
Figure 23: Southeast Asian Comparison – Personal Accident and Health Insurance Premium per Capita (US$), 2011
Figure 24: Southeast Asian Comparison – Personal Accident and Health Insurance Penetration (% of GDP), 2011 and 2016
Figure 25: Southeast Asian Comparison – Personal Accident and Health Insurance Gross Written Premium Growth (%), 2007–2016
Figure 26: Southeast Asian Comparison – Personal Accident and Health Insurance Gross Written Premium per Capita Growth (%), 2007–2016
Figure 27: Southeast Asian Comparison – Personal Accident and Health Insurance Loss Ratio (%), 2011 and 2016
Figure 28: Southeast Asian Comparison – Personal Accident and Health Insurance Combined Ratio (%), 2011 and 2016
Figure 29: Southeast Asian Comparison – Personal Accident and Health Insurance Incurred Losses per Capita (US$), 2011 and 2016
Figure 30: Southeast Asian Comparison – Personal Accident and Health Insurance Incurred Losses as a Percentage of GDP (%), 2011 and 2016
Figure 31: Cambodian Insurance – Overall Written Premium by Segment (US$ Million), 2008–2017
Figure 32: Cambodian Insurance – Dynamics by Segment (%), 2008–2017
Figure 33: Cambodia – Insurance Regulatory Framework
Figure 34: Cambodia – Insurance Supervision and Control at Various Levels
Figure 35: Cambodia – Insurance Regulatory Framework for Company Registration and Operation
Figure 36: Cambodian Non-Life Insurance – Written Premium by Category (US$ Million), 2008–2017
Figure 37: Cambodian Non-Life Insurance – Written Premium by Category (%), 2012 and 2017
Figure 38: Cambodian Non-Life Insurance – Dynamics by Category (%), 2008–2017
Figure 39: Cambodian Non-Life Insurance – Paid Claims (US$ Million), 2008–2012
Figure 40: Cambodian Non-Life Insurance – Paid Claims (US$ Million), 2012–2017
Figure 41: Cambodian Non-Life Insurance – Incurred Loss (US$ Million), 2008–2012
Figure 42: Cambodian Non-Life Insurance – Incurred Loss (US$ Million), 2012–2017
Figure 43: Cambodian Non-Life Insurance – Loss Ratio (%), 2008–2012
Figure 44: Cambodian Non-Life Insurance – Loss Ratio (%), 2012–2017
Figure 45: Cambodian Non-Life Insurance – Combined Ratio (%), 2008–2012
Figure 46: Cambodian Non-Life Insurance – Combined Ratio (%), 2012–2017
Figure 47: Cambodian Non-Life Insurance – Total Assets (US$ Million), 2008–2012
Figure 48: Cambodian Non-Life Insurance – Total Assets (US$ Million), 2012–2017
Figure 49: Cambodian Non-Life Insurance – Retentions (US$ Million), 2008–2012
Figure 50: Cambodian Non-Life Insurance – Retentions (US$ Million), 2012–2017
Figure 51: Cambodian Non-Life Insurance – Investment (US$ Million), 2008–2012
Figure 52: Cambodian Non-Life Insurance – Penetration (%), 2008–2012
Figure 53: Cambodian Non-Life Insurance – Premium Per Capita (US$), 2008–2012
Figure 54: Cambodian Property Insurance – Written Premium (US$ Million), 2008–2012
Figure 55: Cambodian Property Insurance – Written Premium (US$ Million), 2012–2017
Figure 56: Cambodian Motor Insurance – Written Premium (US$ Million), 2008–2012
Figure 57: Cambodian Motor Insurance – Written Premium (US$ Million), 2012–2017
Figure 58: Cambodian Liability Insurance – Written Premium (US$ Million), 2008–2012
Figure 59: Cambodian Liability Insurance – Written Premium (US$ Million), 2012–2017
Figure 60: Cambodian Marine, Aviation and Transit Insurance – Written Premium (US$ Million), 2008–2012
Figure 61: Cambodian Marine, Aviation and Transit Insurance – Written Premium (US$ Million), 2012–2017
Figure 62: Cambodian Personal Accident and Health Insurance – Written Premium by Category (US$ Million), 2008–2017
Figure 63: Cambodian Personal Accident and Health Insurance – Written Premium by Category (%), 2012 and 2017
Figure 64: Cambodian Personal Accident and Health Insurance – Dynamics by Category (%), 2008–2017
Figure 65: Cambodian Personal Accident and Health Insurance – Paid Claims (US$ Million), 2008–2012
Figure 66: Cambodian Personal Accident and Health Insurance – Paid Claims (US$ Million), 2012–2017
Figure 67: Cambodian Personal Accident and Health Insurance – Incurred Loss (US$ Million), 2008–2012
Figure 68: Cambodian Personal Accident and Health Insurance – Incurred Loss (US$ Million), 2012–2017
Figure 69: Cambodian Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Figure 70: Cambodian Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Figure 71: Cambodian Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Figure 72: Cambodian Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Figure 73: Cambodian Personal Accident and Health Insurance – Total Assets (US$ Million), 2008–2012
Figure 74: Cambodian Personal Accident and Health Insurance – Total Assets (US$ Million), 2012–2017
Figure 75: Cambodian Personal Accident and Health Insurance – Retentions (US$ Million), 2008–2012
Figure 76: Cambodian Personal Accident and Health Insurance – Retentions (US$ Million), 2012–2017
Figure 77: Cambodian Personal Accident and Health Insurance – Investment (US$ Million), 2008–2012
Figure 78: Cambodian Personal Accident and Health Insurance – Penetration (%), 2008–2012
Figure 79: Cambodian Personal Accident and Health Insurance – Premium Per Capita (US$), 2008–2012
Figure 80: Cambodian Personal Accident Insurance – Written Premium (US$ Million), 2008–2012
Figure 81: Cambodian Personal Accident Insurance – Written Premium (US$ Million), 2012–2017
Figure 82: Cambodian Health Insurance – Written Premium (US$ Million), 2008–2012
Figure 83: Cambodian Health Insurance – Written Premium (US$ Million), 2012–2017
Figure 84: Cambodian Reinsurance Ceded by Insurance Segment (US$ Million), 2008–2017
Figure 85: Cambodian Reinsurance – Dynamics by Insurance Segment (%), 2008–2017
Figure 86: Cambodian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 87: Cambodian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 88: Cambodian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 89: Cambodian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 90: Cambodian GDP at Constant Prices (US$ Billion), 2007–2012
Figure 91: Cambodian GDP Per Capita at Constant Prices (US$), 2007–2012
Figure 92: Cambodian GDP at Current Prices (US$ Billion), 2007–2012
Figure 93: Cambodian GDP Per Capita at Current Prices (US$), 2007–2012
Figure 94: Cambodian Construction Net Output at Current Prices (US$ Billion), 2007–2011
Figure 95: Cambodian Construction Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 96: Cambodian Inflation Rate (%), 2007–2012
Figure 97: Cambodian Size of Labor Force in the 15–59 Age Group (Million), 2007–2011
Figure 98: Cambodian Exports as a Percentage of GDP (%), 2007–2011
Figure 99: Cambodian Imports as a Percentage of GDP (%), 2007–2011
Figure 100: Cambodian Total Population (Million), 2007–2012

A high rate of accidents on roads in Cambodia encouraged the population to invest in motor insurance and third-party liability insurance.

Forte Insurance
Cambodian National Insurance Company
The Cambodia-Vietnam Insurance Company

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