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Premium revenues rising

CAMBODIA’S insurance premium revenues significantly increased in the first six months of the year, and growth was set to continue, the General Insurance Association of Cambodia said.

According to figures from GIAC, the Kingdom’s six insurance firms racked up US$11.22 million in premium revenue in the first half – 33 percent more than the $8.48 million accrued during the same period last year.

Chhay Rattanak, GIAC chairman, said the growth would be steady for rest the year.

“I think that the premium revenues will increase around 20 percent to 25 percent in 2010,” he said yesterday.

The growth was attributable to an increase in engineering projects seeking cover, he said.

“Up to June 2010, we saw a big increase of premium revenue in engineering, but for other products there was not a big change,” he said.

According to GIAC figures, the sector derived 22.4 percent of its revenues from fire insurance and 21.4 percent from motor coverage. It drew 23.8 percent from miscellaneous and personal accident insurance, 17.3 percent from engineering, 13.8 percent from medical and 1.2 percent from marine coverage.

He added that the sum of claims in the first six months was just $3.2 million.

Youk Chamroeunrith, Forte Insurance general manager, forecast 35 percent growth for Forte’s premium revenues for the remainder of the year.
Cao Minh Son, Cambodia Vietnam Insurance chief executive, said earlier this month that the market was very competitive. CVI, which only opened in November, hit $508,000 revenue for the first six months of the year, roughly 50 percent of its target. Most came from aviation insurance to Cambodia Angkor Air.

Last year, the industry earned a total premium revenue of $20.07 million – a 2.86 percent drop from 2008.

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