Kingdom’s insurers enjoy premiums rise

The Kingdom’s insurance industry generated more than $190 million in gross premiums last year – an increase driven by life insurance of nearly 30 per cent over the previous year – the Insurance Association of Cambodia (IAC) said.

A press release obtained by The Post on Monday showed that the industry’s total gross premiums last year reached $196.4 million – up from $151.6 million in 2017.

The growth was driven by a 50.6 per cent increase in total gross premiums for life insurance and a 15 per cent increase in total gross premiums for general insurance.

IAC said both general and life insurance in Cambodia continued to grow annually, and as of last year there were 12 general insurance companies and eight life insurance companies operating in the Kingdom.

Optimism for the future

IAC chairman Huy Vatharo expressed his optimism for the future of the Kingdom’s insurance industry.

“With Cambodians’ growing understanding of the benefits of insurance, I have no doubt that the industry will continue to achieve strong growth this year and in the years to come,” he said.

Vatharo said last year’s results have boosted his confidence in the healthy development of the industry.

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