PHNOM PENH, May 30 (Xinhua) -- Premium revenues in the Kingdom’s nascent insurance industry increased by 27 percent in the first three months of this year, compared to the same period last year, according to the industry’s report released on Monday.
From January to March this year, the industry earned a total premium revenue of 6.78 million US dollars, 27 percent up from 5.34 million U.S. dollars at the same period last year, according to the latest report of the General Insurance Association of Cambodia (GIAC).
During the period, the industry had paid for the claims in the amount of 1.3 million U.S. dollars, 11 percent decline.
The figure was collected from the kingdom’s six general insurance firms and one Cambodia-Re-insurance Company.
It recorded that the main sources of premium were fire insurance of 29 percent, following by miscellaneous insurance of 29 percent and motor insurance of 24 percent.
Chhay Rattanak, GIAC’s chairman, said Monday that the industry expected to see 28 percent rise in premium revenues in 2011 thanks to better business environment.
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.
The industry earned the premium revenues of 24.9 million U.S. dollars in 2010. (Nguon Sovan)
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