Cambodia signs university deal amidst insurance literacy gap

Only 1.11% of national economic output is covered by the industry.

The Insurance Regulator of Cambodia (IRC) has signed a Memorandum of Understanding (MoU) with ACLEDA University of Business (AUB) to boost public awareness and build a skilled insurance sector.

The agreement was signed at the Non-Bank Financial Services Authority (FSA) meeting hall, with IRC Director General Bou Chanphirou presiding, as reported by the Khmer Times.

Speaking at the ceremony, Chanphirou highlighted insurance as a crucial financial tool for economic growth, household and business risk protection, and long-term financial stability.

Cambodia’s insurance market generated approximately $367m in gross premiums in 2025, representing a 2.8% increase from the previous year.

The sector currently comprises 39 insurance companies and 65 intermediaries nationwide. Insurance penetration reached 1.11% of gross domestic product (GDP), whilst insurance density stood at $20.95 per capita.

Chanphirou noted that whilst the industry continues to expand, it remains small compared to regional and global counterparts, leaving significant room for future development. 

He identified limited public understanding of insurance products and shortages of qualified staff as major operational challenges.

To address these deficits, the IRC has introduced the Cambodia Strategic Development Plan for Insurance Sector 2025–2030. 

The strategy aims to expand access to insurance services, enhance public literacy, and train skilled professionals through structured partnerships with higher education institutions.