Indemnities likely to cost Cambodian industry hundreds of thousands of dollars

DOMESTIC insurance firms said Wednesday they had received six claims following flood damage from Typhoon Ketsana in Siem Reap, although one company, Asia Insurance, declined to say how many it had received since the storm hit at the end of September.

Campubank Lonpac Insurance senior claims officer Bun Thoeun said the company had received just one claim, from a five-star hotel in the city that he declined to name.

“They claimed damage of around US$100,000. Now we are evaluating … before offering compensation,” he said.

Youk Chamroeunrith, general manager of Forte Insurance, said it had received three claims from Siem reap businesses relevant to the damages from the flooding in the fallout from Ketsana.

“The three claims are from a five-star hotel, a construction company and a goods shop in Siem Reap,” he said, adding that the damage was not serious, but would likely be in the tens of thousands of dollars. “The exact extent of the damage is not available yet.”

CAMINCO Insurance had received just a single claim, said managing Director Duong Vibol, from Thailand’s Khun Chang Construction Co, which filed a claim following damage to its operations on a national road between Siem Reap and Banteay Meanchey province.

“We have sent our team to evaluate the damage,” he said.

Infinity Insurance had only received one claim, which it was processing, for a car damaged by the Siem Reap flooding, said Chief Executive David Carter.

Cambodia’s sixth and newest entrant into the expanding insurance sector, Cambodia-Vietnam Insurance Company only received its business licence in July and has yet to begin operations.