Cambodia’s insurance industry reports 20 pct growth in 9 months

Cambodia’s insurance industry recorded a total premium of 31 million U.S. dollars in the first nine months of the year, up 20 percent compared with the same period last year, figures showed Tuesday. It said during January-September period this year, the total amount of claims paid out by local insurers was 8.5 million U.S. dollars, down 167 percent compared with the same period last year. “The growth in the sector was thanks to better economic situation and more awareness of insurance benefits among the public,”Ty Atith, assistant to GIAC’s President Chhay Rattanak, told Xinhua. … According to the Cambodian law, to open an insurance company, the insurer must have the minimum capital of 7 million U.S. dollars.

Xinhuanet News Staff