Insurance Premiums Up 40% in First 6 Months
Revenues generated by insurance firms increased 40 percent ro $18.9 million between january and June compared to the same period last year, according to data released yesterday by the General Insurance Association of Cambodia (GIAC). Fire insurance continued to reign as the sector’s top earner, accounting for bout 29 percent of all premiums, while health and motor insurance premiums grew 30 percent to comprise $2.96 million and 4.17 million respectively, according to the data. … For years, insurance firms have found it hard to get a foothold in the market, as many Cambodians are still unaccustomed to the idea of taking out insurance. However, last month, Britain’s largest insurer, Prudential, said it won in-principle approval from the Cambodian government to open a wholly foreign-owned life insurance operation. Canada’s top insurer, Manulife, also open a country office in Phnom Penh last month. …
