Logo of Phnom Penh Post newspaper Phnom Penh Post - Insurance sector sees healthy expansion

Insurance sector sees healthy expansion

An insurance agent assists a customer at a Manulife branch in Phnom Penh.
An insurance agent assists a customer at a Manulife branch in Phnom Penh. Pha Lina

Insurance sector sees healthy expansion

Cambodia's insurance industry continued to experience strong growth during the first half of this year, with the total gross premium reaching $68 million, an increase of 21 percent compared with the same period in 2016, according to a report released yesterday by the Insurance Association of Cambodia (IAC).

While the report did not break down premium growth by insurance type, IAC Chairman Huy Vatharo said life insurance accounted for the biggest upswing in terms of percentage, while general insurance, including fire, health and vehicle coverage, saw modest gains.

“I’m very excited to see the prosperity of the insurance sector in Cambodia alongside the country’s economic rise,” he said. “This reflects higher understanding of the population and business institutions towards the concept of insurance.”

Cambodia’s insurance industry consists of seven general insurers and six life insurers. Life insurance, which only entered the market five years ago, has experienced substantial growth with over $1 billion worth of coverage issued in the first half of this year, according to the report.

Robert Elliott, vice chairman of the IAC, said in the report that the past five years have shown an extraordinary growth in life insurance premiums that were underpinned by efforts from the Ministry of Economy and Finance (MEF) to educate customers about the need for long-term financial planning.

“As a result of that more Cambodians trust [the] life insurance business and allow us to protect their family,” he said, adding that continued support and further collaboration with the MEF would allow the sector to build a stronger financial future for the country.

MOST VIEWED

  • Ministry issues warning over coronavirus outbreak

    The Ministry of Health on Wednesday asked the public to be on “high alert” as a new virus wreaks havoc across Asia. However, no cases have been reported in the Kingdom thus far. The 2019 Novel Coronavirus (2019-nCoV) has raised the alarm for its similarity to

  • Call for boycott of Angkor unacceptable

    Dear Editor, I wish to express my strong disagreement on the article published by Traveller for their website with the title Best places to go in 2020: 12 destinations you should avoid. Below is my opinion of the article. It is obviously free for the Traveller to

  • No power shortages next dry season, says energy minister

    Minister of Mines and Energy Suy Sem has assured the public that Cambodia will not suffer power shortages during the next dry season. Speaking on local TV on Tuesday, Sem projected a rise in power demand during 2020’s dry season – which starts in November and

  • Gov’t slams NGO over 2019 corruption report

    The government on Thursday slammed a report that described the Kingdom as highly corrupt. Government spokesperson Phay Siphan dismissed the latest Transparency International (TI) report as “just an advertisement of NGOs to promote their own interests”. Released on Thursday, the report puts Cambodia near the

  • Gov’t takes steps to lower logistics, transport costs

    With the threat of losing trade privileges in the EU drawing closer, the government is taking measures to reduce logistics and transportation costs to safeguard the Kingdom’s competitiveness. The EU is due to decide whether or not to withdraw the Kingdom’s trade privileges

  • App to connect farmers to millions

    The Ministry of Agriculture, Forestry and Fisheries has soft-launched a mobile app that connects farmers with potential buyers and gives them access to critical market information. The ministry’s Agriculture Marketing Office chief Meach Yady said the ‘CamAgriMarket’ app gives farmers a platform to showcase