Cambodia

Axco provides details on the life insurance sector including Cambodian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Cambodia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Cambodian pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Cambodia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

For life business in 2019 Cambodia ranked 89 worldwide in premium income according to Axco Global Statistics, between Latvia and Oman. It had risen from 108 in 2017 after average annual growth approaching 50% in the two intervening years.

The life sector's USD 142.8mn premiums in 2019 represented 58.1% of the total market, pulling further ahead of the non-life sector (including personal accident and healthcare), which it overtook for the first time in 2018.

A number of employers are understood to have made provision for retirement benefits on a voluntary basis, careful to ensure that contributions do not exceed 10% of salary to avoid attracting "fringe benefit" taxation for employers (not employees). Such schemes are arranged acknowledging future responsibility for social security old age benefits once these are introduced as provided under the 2019 social security law.

After a broadening of social security benefits in other areas such as occupational risks and health in recent years, the Law on Social Security Schemes of 2 November 2019 included provisions ....

Healthcare, written by non-life insurers, grew by some 30% in 2019 to USD 18.7mn, representing 7.6% of the total market (excluding microinsurance). The above figures do not include medical and health business written by microinsurers of USD 2.8mn in 2019, representing almost 40% of all microinsurance premiums in that year.

In June 2020, it was reported that foreigners entering the country were required not only to produce evidence of insurance worth at least USD 50,000 but to also put down a cash or credit card deposit of USD 3,000. The Cambodian authorities and health services were  ....