Cambodia's insurance premium grows 24 pct in 2010

Jan. 25, 2011
(Xinhua News Agency)

PHNOM PENH -- Premium revenues from Cambodia' s fledgling insurance industry returned to high growth last year after declining in a year earlier, according to the official statistics released by the General Insurance Association of Cambodia (GIAC) on Tuesday.

The industry earned the premium revenues of 24.9 million U.S. dollars in 2010, 24 percent rise from 20.07 million U.S. dollars in 2009, said the report.

The premiums came from fire insurance of 25 percent, following by motor insurance of 20 percent, miscellaneous insurance of 17 percent and engineering of 15 percent.

It also recorded that the amount of claims in 2010 was 13.7 million U.S. dollars, 4 percent declined over 2009.

Chhay Rattanak, GIAC's chairman, contributed the growth to the increasing awareness of insurance advantages and the recovery of the economy.

"We expect the year 2011 would gain growth rate similar to the year 2010 around 25 percent,"he said.

Cambodia has six insurance companies: Forte Insurance, CAMINCO, Asia Insurance, Campubank Lonpac, Infinity Insurance, and Cambodia- Vietnam Insurance. There is also one domestic reinsurance company.

In 2009, the sector's premium revenue dropped 2.86 percent to 20.07 million U.S. dollars.