Kingdom’s insurers enjoy premiums rise
Kingdom’s insurers enjoy premiums rise
The Kingdom’s insurance industry generated more than $190 million in gross premiums last year – an increase driven by life insurance of nearly 30 per cent over the previous year – the Insurance Association of Cambodia (IAC) said.
A press release obtained by The Post on Monday showed that the industry’s total gross premiums last year reached $196.4 million – up from $151.6 million in 2017.
The growth was driven by a 50.6 per cent increase in total gross premiums for life insurance and a 15 per cent increase in total gross premiums for general insurance.
IAC said both general and life insurance in Cambodia continued to grow annually, and as of last year there were 12 general insurance companies and eight life insurance companies operating in the Kingdom.
Optimism for the future
IAC chairman Huy Vatharo expressed his optimism for the future of the Kingdom’s insurance industry.
“With Cambodians’ growing understanding of the benefits of insurance, I have no doubt that the industry will continue to achieve strong growth this year and in the years to come,” he said.
Vatharo said last year’s results have boosted his confidence in the healthy development of the industry.
Broken down by sector, growth was driven by car insurance, with a 26.3 per cent increase, property insurance with 15.2 per cent, and personal accident and medical insurance with 12.1 per cent.
IAC reported an average annual compound growth rate of 120.55 per cent for life insurance and 15.7 per cent for general insurance between 2013 and last year.
A total of $22.3 million was paid out in claims last year, the release said.
IAC vice-chairman Robert Elliott said that as more Cambodians take out life insurance, the financial future of their families will be healthier and more secure.
He said the life insurance industry paid out over $2.3 million in claims, while almost $1 million was paid out in 2017.
