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Life insurance sees whopping 50 pct growth

Sok Chan / Khmer Times Share:
Awareness of the importance of insurance products like motor insurance is growing among Cambodians. KT/Chor Sokunthea

The local life insurance sector saw a whopping 50.5 percent growth during the first three months of the year, according to the Insurance Association of Cambodia’s (IAC) latest report.

General insurance, meanwhile, grew by 14.5 percent.

Gross premiums in the Cambodian insurance industry rose by 30 percent during the first quarter of the year, reaching a total of $46.8 million.

Huy Vatharo, IAC’s chairman, told Khmer Times that 11 companies are now offering general insurance, amounting to $24.6 million in gross premiums during the first three months of the year. There are seven life insurers, equalling $22 million in premiums.

The high growth rate of the life insurance sector has surpassed the expectations of players in the industry, Mr Vatharo said, adding that he expects that growth to continue into the future.

“This growth reflects better understanding among people of the insurance concept. With the country’s stability and strong economic growth, I believe the whole industry will continue to rise,” he said.

Robert Elliott, Manulife Cambodia’s CEO, said the progress of the life insurance industry has given peace of mind to many Cambodian families, helping protect their financial future.

“All the life insurers have an important role to play, particularly when people’s living standards are rising, as it’s the case in Cambodia,” Mr Elliott said.

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