Insurance Sector Sees Growth in First 6 Months

Revenue generated by the country’s insurance firms increased 25 percent to $22 million in the first six months of this year compared to the same period last year, according to data released Tuesday by the General Insurance Association of Cambodia (GIAC). Engineering insurance has become the sector’s backbone, with a 102 percent increase in premiums to $2.4 million between January and July, while the second-largest jump was fire insurance, which grew 35 percent to about $7 million. … Oeurn Chanvisoth, secretary of GIAC, said the growing need for factories, roads, bridges and hydropower dams in the country has driven the construction sector, resulting in an increase in engineering insurance premiums. … While insurers have recommended that property and factory owners turn their attention to risk management, claims paid out in the first six months of this year dropped 63 percent to $3.4 million compared to the same timeframe last year, according to the data. … He [general manager of Forte Insurance Youk Chamroeunrith] said the sector’s overall premium revenue has grown 20 to 25 percent every year to just more than $30 million since in 2000—a miniscule amount compared to the insurance sectors in neighboring Thailand at $7 billion and Vietnam at $2 billion.

 Hul Reaksmey
http://www.cambodiadaily.com/business/insurance-sector-sees-growth-in%E2%80%88first-6-months-42216/