Conference looks at status of the Kingdom’s small but growing insurance sector
While Cambodia’s insurance sector has made significant progress over the past few years, it is still relatively small compared to other countries in the region and faces several hurdles. That was the judgment of Bou Chanphirou, deputy director of the financial industry department in the Ministry of Economy and Finance, who spoke at a meeting last weekend which provided an overview of the Kingdom’s insurance industry. … Based on Finance Ministry data, total gross premiums in the sector in 2011 reached US$32 million, a 23-percent increase from the US$26 million collected in 2010. At the same time, gross compensation claim amounts fell from US$11 million in 2010 to US$8 million in 2011, meaning profits for the industry rose. .. Despite these positive development, the sector is still experiencing growing pains. Insurance products are mostly concentrated in urban areas, the processing of claims is not as effective as it might be, the sector lacks human resources, and general knowledge about and confidence in insurance products is still low among a large percentage of the population. … To date, there are nine insurance companies, including both life and non-life, in Cambodia. …
