Premiums up 21% in CambodiaSeptember 4 2017 by InsuranceAsia News Staff
Cambodia’s insurance sector continued to expand during the first six months of the year, with total gross premiums surging 21% to US$68 million during the period compared to figures for 2016.
According to Huy Vatharo, chairman of the Insurance Association of Cambodia, the life insurance segment got the biggest slice of the premium pie, although the general insurance segment that includes fire, health, and vehicle coverage also witnessed modest earnings growth.
The market expansion signifies that more and more people and businesses are beginning to realise the value of having insurance, he said.
It is an exciting time for Cambodia’s insurance industry, Vatharo said, as the sector is expected to grow hand in hand with the national economy.
At present, seven general insurers and six life insurers participate in Cambodia’s insurance industry.
Over the past several years, life insurance has witnessed significant growth, following its entry into Cambodia five years ago.
- March 6
As insurers reach the implementation phase of IFRS 17 there is plenty of work ahead.
- February 28
Insurance Council of Australia chief executive Rob Whelan warns of need for balance to reforms.
- February 27
Insurance firms will need to set up offices in Labuan to benefit from its 3% tax rate.
- February 25
The Chinese government has yet to find an investor for the insurance giant.