PHNOM PENH, Aug. 30 (Xinhua) -- Cambodia's insurance industry reported a total premium of 68 million U.S. dollars in the first half of 2017, up 21 percent over the same period last year, the Insurance Association of Cambodia (IAC) said in a press release on Wednesday.
This sustainable growth is generated from seven general insurers and six life insurers in the country, the release said.
IAC's chairman Huy Vatharo said the growth reflected higher understanding of the population and business institutions towards the concept of insurance.
"With joint efforts from all insurers, insurance regulators, media, corporate social responsibility partners and all the relevant stakeholders, the industry is becoming more prominent and shares a significant success in the country's financial sector," he said.
Life insurance is a new concept in Cambodia with only five years of history, the release said, adding that it started in 2012 even though it has been available in other ASEAN (Association of Southeast Asian Nations) countries for decades.
"Now, more Cambodians trust life insurance business and allow us to protect their family," IAC's vice-chairman in charge of life insurance Robert Elliott said. "I look forward to celebrating bigger success for the life industry in the next five years and the years to come."
