Phnom Penh (KCD) – Automotive industry has been a roller coaster, so did car insurance. According to Insurance Regulator of Cambodia (IRC), car insurance coverage dropped 9.7% or USD 1,579,004 in 2024 compared to USD 1,728,297 2023. Car insurance contributed 12% in general insurance, it also part of improving well-being on road traffic and tax revenues. Insurance companies face many obstacles to cover all cars on the road in Cambodia and Cambodians are still struggling with high insurance premium.
According to Forte – auto financing has dropped and it impacted to insurance coverages respectively. Another factor, there are company cars that have insurance coverages have terminated or decrease premium due to business closure.
Car repair increase:
Contributing to the rising cost of repairing a car are more expensive auto parts and wage increase for car mechanics due to labor shortages and real estates.
We do expect trends to moderate on a national basis over the course of the year, particular in 2025.
By KCD
