Friday, May 24, 2013

Cambodia records 30% premium growth in first quarter

PHNOM PENH, May 22 (Xinhua) -- Cambodia's insurance industry earned a total premium of 12 million U.S. dollars in the first three months of 2013, up 30 percent compared with the same period last year, according to the industry's report released Wednesday.

The main sources of the premium were from fire insurance of 28 percent, motor insurance of 18 percent, personal accident insurance of 18 percent, health insurance of 14 percent and miscellaneous insurance, said the report of the General Insurance Association of Cambodia (GIAC).

It said during January-March period this year, the total amount of claims paid out by local insurers was 1.5 million U.S. dollars, down 78 percent compared with the same period last year.

GIAC's President Chhay Rattanak said Wednesday that sharp growth in the sector was thanks to better economic performance and more trust from the public.

Currently, the country has nine insurers including six general insurance companies and three life insurers.
In the whole year of 2012, the sector earned a total revenue of 36 million U.S. dollars, up 21 percent year-on-year.
Editor: Wang Yuanyuan

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