Logo of Phnom Penh Post newspaper Phnom Penh Post - The Kingdom’s insurance industry sees good start to 2018

The Kingdom’s insurance industry sees good start to 2018

The Kingdom’s insurance industry sees good start to 2018

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

MOST VIEWED

  • Kingdom may hire Turkish power ship

    Cambodia is considering negotiating with Turkey to hire a 200MW-capacity power ship to meet electricity demands as the country faces an ongoing electrical shortage, according to the prime minister. Speaking to garment workers in Pursat province on Wednesday, Prime Minister Hun Sen said Electricite du

  • Woman who scaled Cambodia’s three highest peaks eyes Everest

    One of the very few Cambodian women to have successfully reached the Kingdom’s three highest peaks is now eyeing Malaysia’s tallest mountain, Mount Kinabalu, and potentially even the world’s tallest straddling Nepal and China, Mount Everest. While in many Western countries it

  • Cheap, clean and efficient: The firm leading Cambodia’s solar revolution

    Sitting in her bright and airy 17th floor office, Rithya Menon, Okra Smart Solar’s lead firmware engineer, checks the frequently updating data telling her everything about how well their community services are operating. “I saw in the data that there was a problem with

  • PM Hun Sen: Cambodia will not die without EBA scheme

    Prime Minister Hun Sen on Wednesday reiterated that he would not be overly concerned if Cambodia had its access to the EU’s “Everything But Arms” (EBA) scheme withdrawn because the Kingdom would not die without it. Hun Sen was speaking to factory workers in