Cambodia's insurance premium up 16.4 pct last year
Xinhua News Agency | Tue,2016-02-16 Cambodia's insurance premium up 16.4 pct last year
PHNOM PENH, Feb. 16 (Xinhua) -- Cambodia's general insurance industry earned a total premium of 61.6 million U.S. dollars in 2015, up 16.4 percent year-on-year, according to the latest data released on Tuesday.
Property insurance covered 39.7 percent of the gross premium, followed by motor insurance 15.1 percent, medical insurance 14.1 percent, personal accident insurance 6.8 percent, engineering insurance 5.8 percent, and marine, aviation, and transport insurance 4 percent, according to the data of the Insurance Association of Cambodia (IAC).
IAC's president Huy Vatharo attributed the growth to better economic situation and bigger inflow of foreign direct investment into Cambodia.
"On average, the general insurance market grew 20 percent annually in the last five years," he told Xinhua.
The Southeast Asian nation has 11 insurers, including eight general insurance firms and three life insurers.
Under the country's law, to operate an insurance company, the insurer must have the minimum capital of 7 million U.S. dollars. Enditem
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