Cambodia's insurance industry reported total premiums of 113.6 million U.S. dollars last year, a 35.6-percent rise year-on-year, the Insurance Association of Cambodia (IAC) said in a press release on Monday. The Southeast Asian country has seven general insurers and five life insurers.
The general insurers collected 70.4 million U.S. dollars of gross premium in 2016, up 14 percent year-on-year, while the nascent life insurers contributed to the gross premium of 43.2 million U.S. dollars, up 95 percent.
The press release said for the general insurance, property or fire insurance accounted for 37 percent of the gross premium, followed by medical insurance 16 percent, vehicle insurance 15 percent, engineering insurance 8 percent, MAT (Maritime, aviation and transport) 7 percent, personal accident 7 percent and miscellaneous insurance 10 percent.
IAC's Chairman Huy Vatharo believed that the insurance industry, both general and life insurance, are moving in a positive direction. "The growth of insurance industry in Cambodia defines a better future for Cambodian economy, as the risks that involve potential financial strains that could happen on Cambodian families and businesses are transferred to the insurance companies," he said.
IAC's vice-chairman in charge of life insurance Robert Elliott said life insurance is a relatively new concept in Cambodia, saying that it started in 2012 even though it has been available in other ASEAN countries for decades. However, the life industry has risen rapidly in Cambodia since its launch, he said, adding that, in 2016, the industry recorded over 51,000 new life insurance policies with total sum assured of over 1 billion U.S. dollars.
"I am proud of life insurance in Cambodia as it has been expanding to safeguard the dreams and aspirations of Cambodian families," he said. "Life insurance is a promise that makes dreams a reality. It builds the economy, community and lives."
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