Increase of premium insurance revenues
Wednesday, February 3, 2010 15:53Cambodia’s first insurance agency had started in 1990 by the State-owned agency – Caminco. After the 1993 national election, the insurance industry is increasing when local and foreign investors have invested in the sector during nearly 20 years. Even though, it is noticed that insurance industry still face challenges in a market where a few people understand the benefits and many cannot afford premiums.
Despite there was the global financial crisis, Cambodia’s premium insurance revenues increased 18 percent in 2008 – from US$17.5 million in 2007 up to US$20.5 million in 2008. In addition, Cambodian people have started understanding the advantage of buying personal insurance and car insurance, according to In Meatra, Head of the Financial Industry Department’s Insurance Division at the Ministry of Finance.
At the present, there are five insurance companies in Cambodia – Forte Insurance, Caminco, Asia Insurance, Campubank Lonpac and Infinity Insurance. In addition, two new companies are expected to enter the market this year – one local firm and another from Malaysia.
Although, Cambodia’s insurance market is very small in comparison with other countries because Cambodians have a little knowledge about this sector and cannot afford it as well. It is estimated that there is one and two percent amongst Cambodia’s 14 million have possibility to buy insurance. Read the rest of this entry »
