Cambodia's insurance industry recorded a gross premium of 272.8 million U.S. dollars in the first nine months of 2024, up 3.2 percent from 264.2 million dollars over the same period last year, the Insurance Regulator of Cambodia (IRC) said in a report on Friday.

The growth was generated from 18 general insurers, 14 life insurers, seven micro-insurance companies, and one reinsurance firm.

The report said that the total amount of claims incurred was about 51 million dollars during the January-September period this year, up 15 percent from 44.3 million dollars over the same period last year.

The Southeast Asian country's insurance industry currently has more than 1 billion dollars in total assets.

IRC's director general Bou Chanphirou has said that the insurance sector has been playing a crucial role in supporting the social security system, proactively contributing to national economic development.

He added that the Cambodian insurance market rose to approximately 344 million dollars in 2023, with an insurance penetration of 1.16 percent of the gross domestic product (GDP) and an insurance density of around 21.02 dollars per person.

"These two indicators illustrate that the Cambodian insurance market has potential room for further growth in the future," he said.