Non-life insurances - Cambodia

Cambodia

The Non-life insurance market in Cambodia is expected to reach a market size (gross written premium) of US$1,808.00m in 2024.
The average spending per capita in the Non-life insurance market is projected to be US$105.60 in 2024.
It is anticipated that the gross written premium will experience an annual growth rate (CAGR 2024-2029) of 1.66%, leading to a market volume of US$1,963.00m by 2029.
When compared globally, the United States is expected to generate the highest gross written premium in the Non-life insurance market, with US$2,500.0bn in 2024.
Cambodia's non-life insurance market is experiencing steady growth due to increasing awareness and demand for protection against risks and uncertainties.

Market

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Currency

Analyst Opinion

The Non-life insurances market in Cambodia has been experiencing significant growth over the past few years. Customer preferences in the Non-life insurances market in Cambodia are shifting towards more comprehensive coverage options as consumers become more aware of the importance of insurance in protecting their assets and well-being. Trends in the market show an increasing demand for property and motor insurance as Cambodia's economy continues to grow, leading to higher levels of disposable income and asset ownership among the population. Local special circumstances, such as the government's efforts to promote financial inclusion and regulatory reforms to strengthen the insurance sector, have contributed to the development of the Non-life insurances market in Cambodia. Underlying macroeconomic factors, including stable economic growth, urbanization, and increasing foreign investment in key sectors like real estate and infrastructure, are driving the expansion of the Non-life insurances market in Cambodia.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.