Life insurance sees whopping 50 pct growth

11 Jul 2018  48 | Cambodia Travel News

Awareness of the importance of insurance products like motor insurance is growing among Cambodians. KT/Chor Sokunthea

The local life insurance sector saw a whopping 50.5 percent growth during the first three months of the year, according to the Insurance Association of Cambodia’s (IAC) latest report.

General insurance, meanwhile, grew by 14.5 percent.

Gross premiums in the Cambodian insurance industry rose by 30 percent during the first quarter of the year, reaching a total of $46.8 million.

Huy Vatharo, IAC’s chairman, told Khmer Times that 11 companies are now offering general insurance, amounting to $24.6 million in gross premiums during the first three months of the year. There are seven life insurers, equalling $22 million in premiums.