Insurance Sector Generates Nearly US$47 Million in Q1
AKP Phnom Penh, July 12, 2018 –
For the first trimester of 2018, Cambodia’s premium income from insurance sector has reached US$46.8 million, up nearly 30 percent from US$36.2 million during the same period last year.
The update was shared in a recent press release from the Insurance Association of Cambodia (IAC), adding that, of the total amount, 14.5 percent derives from general insurance and 50.5 percent from life insurance.
Last year, the sector’s premium income was US$142.9 million, up 26 percent compared with US$113.5 million in 2016, continued the press release.
Of the figures, life insurance took up US$67.5 million in 2017 – an increase by 56 percent from US$43.1 million in 2016.
According to Mr. Huy Vatharo, IAC’s Chairman, the growth of Cambodia’s insurance sector reflects increasing awareness of Cambodian people of the services.
To date, Cambodia has a total of 11 general insurance companies and 7 life insurance firms.
By Lim Nary