Top 5 General Insurance Companies in Cambodia
Insurance is an essential component of financial planning, providing individuals and businesses with the necessary protection against unforeseen risks. In Cambodia, a growing number of insurance companies are dedicated to offering comprehensive coverage and reliable services - we look at the best insurance companies in the Kingdom.
B2B Cambodia's editorial team has compiled a list of the best general insurance companies according to you.
To be listed in our Top Businesses in Cambodia series, we have checked the each company's market presence, performance, and customer satisfaction, feedback and rating on both Google and Facebook.
The Insurance Regulator of Cambodia (IRC) is responsible for ensuring the industry practices are complied with and lists all insurance firms operating in Cambodia. Among their goals are plans to develop a code of conduct and work on increasing insurance penetration in the Cambodian market (which is under 2 per cent in 2023).
Digitisation and technology have changed the industry immensely over recent years and led to more innovations in offering platforms and tools for insurance in Cambodia. Bancassurance is also targeted for growth which is “an arrangement between a bank and an insurance company, through which the insurer can sell its products to the bank’s customers.”
In this article, we will explore the top insurance companies in Cambodia which have earned a reputation for their commitment to customer satisfaction, diverse product offerings, and financial stability.
Top 5 General Insurance Companies In Cambodia
1. Forte Insurance
Forte Insurance is a largest insurance provider in Cambodia which was established in 1999, offers a wide range of insurance products for both individuals and businesses. Forte Insurance holds the dominant market share and has been recognized as the Best General Insurance Company in Cambodia for nine consecutive years by the Global Banking & Finance Review.
With a focus on innovation and customer-centric services, Forte Insurance has garnered trust and recognition. Their comprehensive coverage includes property, motor, health, travel, and business insurance. The company's commitment to prompt claims settlement and financial stability has made it a preferred choice among policyholders.
In 2022, Forte rebranded and unveiled a new logo; “Live with Confidence”. The Cambodian insurance company is possibly the largest general insurer in the Kingdom with the largest market share in Cambodia for general insurance and offered life insurance in 2019. They carry an AA Global Credit Rating.
2. Cambodian National Insurance Company (CAMINCO)
Cambodian National Insurance Company (CAMINCO) is a well-established general insurance companies in Cambodia, which was established in 1990 by Ministry of Economy and Finance and began its operations in 1993. It was established to provide comprehensive insurance solutions, and has built a strong reputation in the market for its reliability and extensive range of services.
The company offers a wide array of general insurance products, including motor, property, health, and marine insurance. This diverse portfolio allows CAMINCO to meet the varied needs of its customers. CAMINCO is recognized for its long-standing service and expertise in the general insurance sector.
3. Infinity Insurance
Infinity Insurance has gained a strong foothold in the Cambodian insurance market and is considered as having the second-largest market share. They provide a diverse insurance solutions and an assurance of service quality backed by international partners that are renowned industry leaders worldwide, in Asia Pacific and Cambodia.
Their comprehensive product offerings span many sectors from property, vehicles, health, and travel insurance. Infinity Insurance emphasises customer satisfaction through personalised services and efficient claims-handling processes. The company's reliability and transparency have earned them a solid reputation among policyholders.
Infinity Insurance is the largest Cambodian-owned insurance company and in mid-2023 partnered with Wing Bank (Cambodia) Plc. to distribute various general insurance products as part of their Bancassurance strategy.
4. People & Partners Insurance (PPI)
People & Partners Insurance (PPI) is a prominent general insurance company in Cambodia, established in 2014. It is recognized for its customer-centric approach and innovative insurance solutions. PPI offers a diverse range of insurance products tailored to meet the needs of individuals and businesses, ensuring comprehensive coverage and reliable protection.
The company's commitment to quality service and its strategic growth initiatives have solidified its position as a key player in the Cambodian insurance market. PPI continues to expand its market presence by leveraging advanced technology and maintaining a strong focus on customer satisfaction.
5. Asia Insurance (Cambodia)
Asia Insurance (Cambodia) has established itself as a significant player in the Cambodian general insurance sector. Known for its extensive product offerings and competitive pricing, Asia Insurance caters to a wide range of customer needs, from individual coverage to complex business insurance solutions.
The company’s consistent growth in gross written premiums and its commitment to providing high-quality service have contributed to its strong market position. Asia Insurance remains dedicated to innovation and excellence, ensuring it meets the evolving demands of the Cambodian insurance landscape.
Insurance Industry Cambodia Overview
Based on reports from PROFITENCE, Standard Insights.
When it comes to selecting the best insurance company in Cambodia, reliability, comprehensive coverage, and commitment to customer satisfaction are some of the factors to consider.
By partnering with one of these top insurance providers, individuals and businesses in Cambodia can ensure their financial well-being and gain peace of mind in the face of unforeseen risks.
- The IRC reported that by the start of 2024 there are 41 insurers in Cambodia, and 27 banks conducting bancassurance - these include 18 general insurers, 15 life insurers, seven micro-insurance companies and one reinsurance firm.
- The Cambodian insurance industry contributed about 1.1 percent to the Southeast Asian country’s gross domestic product per year.
- By the start of 2024, Cambodia's insurance industry’s gross premums reached USD $342 million and had total assets of nearly USD $1 billion.
- It is estimated that 3 out of 5 people do not own any insurance policies in Cambodia.
- Cambodian Insurance Brokers Association held its first AGM in 2023.
- Areas such as InsurTech and Life Insurance could see growth.