Logo of Phnom Penh Post newspaper Phnom Penh Post - Infinity to help insure hydroelectric project

Infinity to help insure hydroelectric project

Infinity to help insure hydroelectric project

INFINITY Insurance has signed on as an insurer for construction of the US$412 million China Huadian hydropower project in Koh Kong province, its chief executive, David Carter, said yesterday.

Infinity will insure the project for the duration of construction – slated to last until 2014 – in conjunction with state-owned People’s Insurance Company of China, he said.

Under the terms of yesterday’s deal, PICC will largely act as a reinsurer.

“This is a very large project, and so Infinity can only take a small amount of the risk,” he said.

“The major proportion is reinsured out. Even though we do pass over quite a significant amount of risk, it does not mean that we’re in any way freed up from the whole thing,” he said.

If the reinsurer could not pay out on a claim, the responsibility would fall directly to the insurer, but that scenario was unlikely, he said.

Carter said that being brought on board by PICC was a “great result”.

MOST VIEWED

  • Negotiations on EBA being held

    In an effort to defuse tensions, a senior government official said Cambodia is negotiating with the European Union (EU) on the Everything But Arms (EBA) trade deal, which allows the Kingdom to export goods to the 28-member bloc tariff-free. The EU notified Cambodia on October 5

  • Ministers to tackle sea pollutants

    Preah Sihanouk provincial authorities and members of local communities have collected 77 tonnes of water hyacinth at a Sihanoukville beach, Preah Sihanouk Provincial Hall spokesperson Or Saroeun said. He told The Post yesterday that the aquatic weeds had been floating along some of the province’s

  • Chinese police escort deported scam suspects

    Ninety-one Chinese nationals accused of extorting money from victims in a Voice over Internet Protocol (VoIP) scam were deported from Phnom Penh International Airport on Monday under the escort of 182 Chinese police personnel. General Department of Immigration head of investigations Ouk Hay Seila told reporters

  • EU officials: Ending EBA an 18-month procedure

    EU officials have confirmed that it will take a total of 18 months to complete the procedure if Cambodia’s preferential Everything But Arms (EBA) trade agreement is to be withdrawn. According to EU Agriculture and Rural Development spokesman Daniel Rosario, the formal process has not