PHNOM PENH, June 8 (Xinhua) -- Cambodia's insurance industry reported a total premium of 36.2 million U.S. dollars in the first quarter of 2017, up nearly 24 percent over the same period last year, the Insurance Association of Cambodia (IAC) said in a press release on Thursday.
The Southeast Asian country has seven general insurers and six life insurers.
The general insurers collected 21.6 million U.S. dollars of gross premium during the January-March period this year, up 6.3 percent over the same period last year, while the life insurers contributed to the gross premium of 14.6 million U.S. dollars, up 63.5 percent.
IAC's chairman Huy Vatharo believed that the insurance industry, both general and life insurance, are moving in a positive direction.
"I'm pleased to see the growth of the insurance market in Cambodia. Furthermore, this growth reflects higher understanding of our people towards insurance concept, strong economic growth and investment in Cambodia," he said.
"When the insurance market grows bigger, the financial risks that could happen to our people will become smaller, as the risks have already been transferred to the insurance companies," he said.
Life insurance is a relatively new concept which is only five years old in Cambodia. It started in 2012 even though it has been available in other ASEAN countries for decades, and now has grown to six life insurance providers.
"I am very proud of life insurance in Cambodia despite its infancy stage in this fast-growing country. Every year, the industry continues to grow and provides more Cambodian families with peace of mind as their financial future is protected," IAC's vice-chairman in charge of life insurance Robert Elliott said.