Amid the COVID-19 pandemic, the microinsurance market in Cambodia saw a significant 21.7% decline in premiums in 3Q2020. In comparison, the overall insurance market saw an 8.2% increase in premiums compared to the same period in 2019.
According to the Phnom Penh Post citing a local insurance market update published by the Insurance Association of Cambodia (IAC), the microinsurance market is seen to be severely affected by the COVID-19 crisis.
In Cambodia, microinsurance products offer coverage to low-income households or to individuals who have little savings.
