Cambodia has achieved a remarkable economic growth at an annual average of 7.7% which the growth has contributed to improving the well-being of Cambodians, and it allowed Cambodia managed to raise average incomes, reduced poverty, enhanced human development, and realized improvements in income inequality, over the past decade. The country is now poised to become a Lower Middle Income Country (MIC) soon, and aims to achieve the Upper MIC status by 2030.
But big proportion of the poor have not gotten too far. A significant proportion of Cambodians are steady and living just above the poverty line. In Multidimensional Poverty Index (MPI) measurement, 21.6% of the population may be over the MPI threshold, but remains vulnerable to slipping to poverty – for a total of 54.6% of the population either below or just above the poverty threshold.
Cambodia needs to expand the access to insurance services to all the segment of its population in order to capitalize the gains of its better functioning economy and prepare for the second demographic dividend. The absence of Insurance not only ineffectual the gains the country has achieved but also fails to create virtuous circles of actions that are required by the insurance sector such as crops security, saving for old age or education, health precautions or visit routines that help people shielding from risk.
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