Forte Insurance predictions positive
Charles Cheo, managing director of Forte Insurance, is sanguine on the growth prospects of Cambodia’s US$30 million general insurance market, even though there are five other general insurers competing against Forte, and three new life insurers entering the market. Forte established a presence in Cambodia in 1998 as one of the first insurance companies and presently has a 34 per cent market share of gross premiums written and a 49 per cent market share of net premiums written, positioning the company as the market leader. While the general insurance market in Cambodia grew 22 per cent from 2010 to 2011, and is expected to grow 25-30 per cent in 2012, the market remains comparatively small with only a 3-4 per cent penetration rate. …
