Insurance premium increases 21% YoY in 1H17

Cambodia’s insurance industry continued to see strong growth in 1H17, with the total gross premium reaching $68mn, a 21% YoY increase, according to a report released yesterday by the Insurance Association of Cambodia (IAC). Huy Vatharo, chairman of the IAC, said life insurance accounted for the biggest increase, while general insurance, including fire, health, and vehicle, saw a modest rise. Robert Elliot, vice chairman of the IAC, attributed the extraordinary growth in life insurance premiums over the past five years to efforts by the Ministry of Economy and Finance (MEF) to educate customers about the need for long-term financial planning. (Source: Phnom Penh Post)