Cambodia’s nascent insurance industry grows by 19 pct in first half

PHNOM PENH, Aug. 8 (Xinhua) -- Cambodia has seen a 19 percent rise in premium revenues from the country’s nascent insurance industry in the first half of this year, compared to the same period last year, according to the industry’s report released on Monday.
   From January to June this year, the industry had earned the total premium revenues of 13.5 million U.S. dollars, 19 percent increase from 11.3 million U.S. dollars at the same period last year, showed the report from the General Insurance Association of Cambodia (GIAC).
   The premiums came from fire insurance of 25.7 percent, following by miscellaneous accident of 25.2 percent, motor insurance of 22 percent, health insurance of 17.5 percent, engineering of 8.2 percent, and marine insurance of 1.4 percent, said the report.
   Despite rising in the premiums, the industry has faced a big loss due to the claim amount had been up to 30.6 million U.S. dollars in the first six months of this year, it said. The big jump in claims was due to the fire completely destroyed the June Textile Factory in March.
   Ty Atith, assistant to the chairman of the GIAC, said Monday that as Cambodia’s economy is expected to grow well this year, the insurance industry is expected to gain 25 percent growth this year. 
   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.