Total gross premium in the Cambodian insurance industry surged by 30% to $196.4m last year from $151.6m in 2017, mostly driven by life insurance sales, the Insurance Association of Cambodia (IAC) said in its latest report.
Of the total, general insurance sales grew by 15% with life insurance expanding by 50.6% last year. In 2017, general insurance premiums stood at $75.4m.
In the non-life sector, growth was driven by motor insurance, which showed a 26.3% increase, property insurance with 15.2% growth, and personal accident and medical insurance with a 12.1% increase, reported Khmer Times.
IAC chairman Huy Vatharo said $22.3m in general insurance claims were paid out in 2018. The life insurance sector paid out over $2.3m in claims last year.
At the end of 2018, there were 12 general insurance companies and eight life insurance companies operating in the country.
Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.
more »