Property Insurance - Cambodia | Statista Market Forecast

The Property Insurance market market in Cambodia is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is set to reach US$57.41m in 2024.
This indicates a positive trend in the insurance sector within the country.
Furthermore, the average spending per capita in the Property Insurance market market is anticipated to amount to US$3.35 in 2024.
This suggests that individuals in Cambodia are increasingly recognizing the importance of protecting their properties through insurance coverage.
Looking ahead, the gross written premium is projected to exhibit an annual growth rate of 0.37% between 2024 and 2029.
This growth trajectory is expected to result in a market volume of US$58.48m by 2029.
These figures indicate a promising future for the Property Insurance market industry in Cambodia.
However, it is worth noting that in a global context, the United States is set to generate the highest gross written premium in 2024, amounting to a staggering US$240.4bn.
This highlights the significant disparity in market sizes between countries, with the US leading the way in terms of Property Insurance market expenditure.
Considering these numbers and insights, it is evident that the Property Insurance market market in Cambodia is poised for growth and presents opportunities for both insurers and consumers in the country.
Despite a growing insurance market in Cambodia, the property insurance sector is still underdeveloped and has room for significant growth.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

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.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

Over the past few years, Cambodia has seen a significant growth in its Property Insurance market.

Customer preferences: Customers in Cambodia are increasingly recognizing the importance of protecting their properties against various risks such as natural disasters, theft, and damage. As disposable incomes rise, more individuals and businesses are opting for property insurance to safeguard their investments and assets.

Trends in the market: One of the key trends in the Cambodian Property Insurance market is the growing demand for comprehensive coverage that not only includes property damage but also liability protection. Insurance providers are introducing innovative products to cater to this demand, such as bundled policies that offer a range of protections under a single plan. Additionally, there is a noticeable shift towards digital channels for purchasing insurance, making it more convenient for customers to access and manage their policies.

Local special circumstances: In Cambodia, the rapid urbanization and infrastructure development have led to an increased need for property insurance. As more buildings and properties are being constructed, there is a higher risk of damage due to natural disasters or accidents. This has created a sense of urgency among individuals and businesses to secure insurance coverage, thereby driving the growth of the market.

Underlying macroeconomic factors: The stable economic growth and increasing foreign investments in Cambodia have contributed to the expansion of the Property Insurance market. As the overall wealth of the country rises, there is a greater awareness among the population about the importance of mitigating risks through insurance. Moreover, the government's initiatives to promote financial literacy and risk management have also played a role in fostering the development of the property insurance sector.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.