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Logo of Phnom Penh Post newspaper Phnom Penh Post - Insurance premiums on the rise

Insurance premiums on the rise

Insurance premiums on the rise

The Kingdom’s total insurance premiums rose sharply in the first quarter of the year, compared with the same period the previous year, thanks largely to the growth of the economy and an influx of foreign direct investment, industry insiders said.

Official data from the General Insurance Association of Cambodia (GIAC) show that the industry’s premiums rose nearly 30 per cent in the quarter, to $12.21 million, compared with $9.45 million in the same period of 2012.

According to the data, premiums for fire insurance increased by 28 per cent, motor insurance by 18 per cent, personal accident insurance by 18 per cent and health insurance by 14 per cent.

Meanwhile the total amount of claims paid out by local insurers was $1.5 million, down 78 per cent compared with the same period last year.

GIAC deputy director of operations Ty Atith attributed the sharp growth in the sector to the country’s strong economic performance and growing trust among the public.

“The improvement of the economy is also definitely contributing to the growth. But what I have noticed is that the last few years, the motor insurance and fire insurance are increasing sharply – this emphasises that the people understand about the industry,” he said.

Youk Chamroeunrith, general manager of Forte Insurance, said that the company’s premiums rose by more than 30 per cent in the first quarter of the year, while total claims stood still.

Infinity’s CEO, David W Carter, told the Post that his company’s premiums went up by 30 per cent, while total claims grew by just over 10 per cent.

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