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Cambodia's insurance premiums up 21.6 pct in Q1

Xinhua, May 13, 2015 Adjust font size:

Cambodia's insurance industry earned a total premium of 16.9 million U.S. dollars during the January-March period of 2015, up 21.6 percent from 13.9 million U. S. dollars over the same period last year, according to an official data on Wednesday.

The main sources of the premiums came from the insurances of fire, engineering, marine cargo, vehicles, health, and personal accident, said the data released by the General Insurance Association of Cambodia (GIAC).

GIAC's president Huy Vatharo said the remarkable increase in insurance premiums was thanks to better economic situation and more awareness of insurance benefits among the public.

"In general, we see that Cambodian economic situation this year is better than last year and there is more inflow of foreign direct investment," he said.

The Southeast Asian nation has eleven insurers, including eight general insurance firms and three life insurers.

Under the kingdom's law, to run an insurance company, the insurer must have the minimum capital of 7 million U.S. dollars. Endi