Sharp fall in insurance claims

Claims in the Kingdom’s six insurance companies declined dramatically last year, while the total premium revenue sharply increased by more than 20 per cent year-on-year, official data from the General Insurance Association of Cambodia (GIAC) show. GIAC data shows total claims reached $4.8 million, down from $33.5 million in 2011. Total premium revenue was $36 million in 2012, a jump of 21 per cent, though the industry also paid $15.8 million on claims from previous years. … The director general of GIAC, Chhay Rattanak, and other industry players said … “We didn’t see a big claim last year. This amount is really low compared with the last five years because in the previous years, a few big factories caught fire, but last year we didn’t [have many large claims] – just small from other sectors. The [$15.8] we paid for the big claims occurred many years before,” Rattanak said. “At the same time, the insurance industry has grown as we expected in terms of premiums. This growth is attributed mainly to the economic performance of the country and people’s awareness of the insurance industry.” …

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