The insurance industry in Cambodia reported a nearly 30 percent increase in total gross premium in the first quarter of this year over the same period in 2017. Gross premium grew from $36.2 million to $46.8 million.
This was driven by a 14.5 percent increase from general insurance and a 50.5 percent growth from life insurance.
Both general and life insurance in Cambodia continue to grow year on year. General insurance, 11 in total, collected $24.6 million in gross premiums, while life insurance, seven in total, received $22.1 million of total gross premiums in the first quarter of this year.
Huy Vatharo, chairman of the Insurance Association of Cambodia (IAC) was very optimistic about the future of insurance in Cambodia as the whole industry continued to grow every year.
He said: “The growth is a great reflection of a better understanding by people towards the insurance concept. With the country’s stability and strong economic growth, I believe the whole industry will continue to rise.”
Robert Elliott, vice-chairman of the Insurance Association of Cambodia, said: “I am very proud of the progress that the life insurance industry has achieved in Cambodia though it’s only six years old. Every year, the industry continues to grow and provides more Cambodian families with peace of mind as their financial future is protected. All life insurers have an important role to play when people’s lifestyles improve along with the emerging middle class and affluence of Cambodia.”
The Ministry of Economy and Finance (MEF) has played a key role in this tremendous success.
Elliott added: “I would like to thank the MEF for its trust, collaboration and support given to the whole insurance industry in Cambodia, which has resulted in impressive growth. With the continued support and further collaboration from the MEF, I am confident that the insurance industry will continue to build a better financial future for all Cambodian families and businesses.”
Insurance Association of Cambodia