Phnom Penh: Forte was honored to have our Group CEO of Forte Group, Mr Youk Chamroeunrith, take part as a guest speaker in the Industry Mid-Year Review 2023 organized by the International Business Chamber Cambodia (IBC) on 5 July 2023. Mr Youk Chamroeunrith shared valuable insights and updates on the insurance industry, highlighting the current status and opportunities for growth with other key industry leaders.
The International Business Chamber of Cambodia (IBC) held an open meeting at Rosewood Hotel Phnom Penh called "Industry Mid-Year Review 2023", brought together twelve experts from different industries to share their views on how 2023 and beyond is looking for their sectors. The guest speakers covered a wide range of industries, including advertising, agriculture, alcohol, education, energy, finance and banking, human resources, ICT, insurance, real estate, services, and tourism. Each key business leader gave their insight and perspective on the current state of their industry and what they see for the future.
Mr Youk Chamroeunrith, our Group CEO of Forte Group began by highlighting some recent changes in the insurance sector, specifically focusing on the period from January until now. He highlighted that the industry's growth during this period was only a 6.9% increase compared to the previous year. However, medical insurance segment continued to dominate, accounting for 77% of the Gross Premium in the first quarter of 2023. Moreover, there was a significant increase in Gross Premium for property insurance, by 15.7%.
Mr Youk Chamroeunrith then talked about the opportunities specifically lie ahead for insurance industry to the other key business leaders about how accessible and affordable it is now for locals to purchase medical insurance and reduce their financial burden when facing difficult time. He also provided his insight on the advancement of digital innovation and process improvements when customers want to settle claims or applying for claims result in a more better customer experience. Interestingly, he said that there will be a steady growth and investment in agriculture insurance. Forte’s Weather Index Crop Insurance will be one of the reliable tool for Cambodian farmer that protect them from financial burden during climate changes.
In conclusion, we appreciate the International Business Chamber Cambodia (IBC) inviting us to participate in the event as a pioneer in the insurance industry and for supporting it.