General Liability Insurance - Cambodia

The General Liability Insurance market market in Cambodia is anticipated to reach a market size (gross written premium) of US$21.35m in 2024.
The average spending per capita in the General Liability Insurance market market is projected to be US$1.25 in 2024.
This indicates a positive trend in the demand for General Liability Insurance market in the country.
The market is expected to experience a steady annual growth rate (CAGR 2024-2029) of 3.57%, resulting in a market volume of US$25.44m by 2029.
When comparing Cambodia's General Liability Insurance market market to the global market, it is important to note that the United States will generate the highest gross written premium, amounting to US$178.4bn in 2024.
This highlights the significant difference in market size between in Cambodia and the United States.
General Liability Insurance in Cambodia is witnessing a rising demand due to the increasing number of foreign investments and the growing awareness about risk management among businesses.

Definition:

General liability insurance is a type of coverage that offers protection to businesses and individuals against financial losses resulting from third-party claims of bodily injury, property damage, or personal injury. When you have general liability insurance, you pay regular premiums to an insurer, and in return, the insurer helps cover legal costs, settlements, and damages if you or your business are found liable for causing harm to others. This insurance is vital for shielding individuals and businesses from the financial repercussions of legal claims and liabilities arising from accidents or incidents that occur on their premises or as a result of their actions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Liability insurance booked for individuals and businesses

Motor vehicles liability
Aircraft liability
Liability for ships
Reinsurance

Over the past few years, the General Liability Insurance market in Cambodia has been experiencing significant growth and development. Customer preferences in the General Liability Insurance market in Cambodia are shifting towards more comprehensive coverage options as businesses seek to protect themselves from a wide range of potential risks. This trend mirrors the global market, where businesses are increasingly recognizing the importance of having robust liability insurance policies in place. Trends in the market indicate a growing awareness among Cambodian businesses about the potential financial risks they face, driving them to invest in General Liability Insurance. As the economy continues to expand and businesses become more interconnected with the global market, the demand for such insurance products is expected to rise further. Local special circumstances, such as the increasing regulatory environment and the emphasis on risk management practices, are also influencing the General Liability Insurance market in Cambodia. Businesses are facing greater scrutiny from regulators and stakeholders, prompting them to prioritize insurance coverage as a means of protection. Underlying macroeconomic factors, including the overall economic growth of Cambodia and the increasing foreign direct investment in the country, are providing a favorable environment for the development of the General Liability Insurance market. As businesses grow and diversify, the need for comprehensive insurance coverage becomes more apparent, driving the expansion of the market. In conclusion, the General Liability Insurance market in Cambodia is on a growth trajectory driven by evolving customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.