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Fledgling insurance sector grows

Sok Chan / Khmer Times No Comments Share:
General insurance premiums rose by 6.3 percent to $21.6 million this year. KT/Mai Vireak

Gross premiums in Cambodia’s insurance industry rose about 24 percent in the first three months of this year, compared with the same period last year, stated a report from the Insurance Association of Cambodia.  
Income from premiums reached $36.2 million in the quarter, from $29.2 million in the first quarter of 2016, the report said.
General insurance premiums rose by 6.3 percent to $21.6 million this year while life insurance grew at about 63.5 percent. 
“General insurance in Cambodia continues to grow year-on-year,” the report stated. 
Huy Vatharo, chairman of the Insurance Association of Cambodia, said the growth in both life and general insurance is a good sign. 
He said it reflected greater understanding among Cambodians of the idea of insurance and also reflected strong economic growth and investment. 
“When the insurance market grows bigger, the financial risks to our people will become smaller as these are transferred to the insurance companies.
“Such a growth is also primarily driven by effort and commitment from all industry players and the association’s performance in initiating activities such as public seminars at universities to refine the image of the insurance industry,” he added. 
Manulife (Cambodia) Plc. CEO and general manager Robert Elliott said the growing life insurance industry was giving more Cambodian families peace of mind by protecting their financial future.
“Life insurance builds the economy, community and lives,” Mr Elliott said.
 “I am very proud of life insurance in Cambodia despite its infancy in this fast-growing country.” 
He said with the continued support and collaboration with the Ministry of Economy and Finance, he was confident that the insurance industry would keep building a better financial future for all Cambodian families and businesses. 
Life insurance is a concept which is only five years old in Cambodia though it has been available in other Asean countries for decades. Currently in Cambodia there are six life insurance companies.

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