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Cambodia's insurance premium up 38 pct in Q1

Xinhua, May 8, 2016 Adjust font size:

Insurance industry in Cambodia reported a 38-percent increase in gross premium in the first quarter of 2016 over the same period last year, the Insurance Association of Cambodia (IAC) said in a press release on Sunday.

Gross premium grew to 29 million U.S. dollars during the Jan.-March period this year, up from 21 million U.S. dollars over the same period last year, the press release said.

The Southeast Asian nation has seven general insurers and four life insurers.

The general insurers contributed to the gross premium of 20.3 million U.S. dollars in the first quarter this year, up 20 percent over the same period last year, while the life insurers contributed to the gross premium of 8.7 million U.S. dollars, up 123 percent.

IAC's chairman Huy Vatharo believed that the combined industry between life and non-life insurance are moving on a positive track.

"I am very delighted to see both general and life insurance industries grow substantially. This result shows a greater public confidence in insurance sector in the country,"he said.

According to the press release, life insurance is relative new concept in Cambodia starting in 2012, even though it has been available in other ASEAN countries for decades.

"I am proud of life insurance in Cambodia as we have protected over 35,000 people as of the end of the first quarter of 2016,"said Robert Elliott, vice-chairman (Life) of Insurance Association of Cambodia. Endit