The government will hold the first-ever ‘Insurance Day’ next week to build public interest and awareness about a sector that has experienced tremendous growth in the last few years.
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According to an announcement from the Ministry of Economy and Finance yesterday, the event will be held on July 25 with participation from all insurance companies in the country.
“Insurance Day aims to promote the development of the insurance sector in Cambodia and to gain the public’s trust,” the announcement said.
Huy Vatharo, chairman of the Insurance Association of Cambodia (IAC), welcomed the initiative.
“It is good to have this event because it will help promote the industry, build awareness and help people understand the benefits of becoming insured.”
Youk Chamroeunrith, Forte Insurance managing director, told Khmer Times that his company will showcase its products at the event.
“We need this kind of events because the industry has been developing very fast but there are still many people that do not understand what insurance is.
“The event will help educate people so that they understand more about insurance and how it can protect them and their property from any risk.”
There are 13 general insurers and nine life insurance companies operating in the country, according to a report from IAC.
Between 2013 and 2018, the annual compound average growth rate was 15.7 percent for general insurance and 120.5 percent for life insurance, according to the report.
The total gross premium in the insurance industry rose 30 percent last year, mostly driven by life insurance sales, according to AIC. It reached $196.4 million, compared with $151.6 million the previous year.
Sales from general insurance grew 15 percent, while life insurance expanded 50.6 percent.