The Asian Claim Convention kicked off Wednesday in Phnom Penh to connect players in the insurance sector, discuss challenges and promote best practices in claims.
The three-day event, which ends today, is being held under the theme ‘Innovation, disruption and forensic advances in claims’ and focuses on the Asian region.
According to the organisers, it is a “comprehensive event that offers an unmatched opportunity to develop and enhance relationships and share insights from leading professionals from a wide range of fields.”
Participants include insurance firms, brokers, re-insurers, loss adjusters, professional consultants, insurance lawyers, suppliers and service providers, among others.
Mey Vann, director general of the Ministry of Economy and Finance, said, “This event provides insurance knowledge to the public. It will help people understand the role of loss adjusters, who help in settlement and calculate the rate of compensation when claims are made.
“This event shows that the industry has the capacity to face unexpected risks,” he added.
Mr Vann said the insurance sector has experienced dramatic growth in recent years as a result of national economic growth and people’s rising incomes.
According to the Insurance Association of Cambodia (IAC), gross premiums reached $196.4 million last year, compared with $151.6 million the previous year. Sales from general insurance grew by 15 percent with life insurance growing by more than 50 percent.
As of 2018, there were 12 general insurance companies and eight life insurance companies operating in the country.
“We are optimistic that the insurance market in Cambodia will continue to grow,” IAC chairman Huy Vatharo told reporters at the convention.
“There is great potential for high growth in line with the country’s fast economic growth. This economic growth is increasing people’s incomes, leading to higher demand for insurance,” Mr Vatharo said.