Insurance revenue lifts off

Nguon Sovan

Phnom Penh Post

INSURANCE premium revenue for the entire industry grew 19 percent in the first two months of this year and is forecast to grow around 20 percent for all of 2010, the Kingdom’s insurance association reported Tuesday.

Chhay Rattanak, chairman of the General Insurance Association of Cambodia (GIAC), told the Post on Tuesday that, according to figures provided by all of the country’s insurance firms, the industry’s premium revenues grew to US$3.8 million in January and February, up more than $600,000 from the same period last year.

Premium revenues grew 11 percent for insurance on automobiles, 10 percent for fire and 16 percent for personal accident, Chhay Rattanak said. Revenues dropped 22 percent for maritime insurance and 48 percent for worker compensation.

“We saw good recovery in almost all businesses,” he said. “And there have not been any dramatic changes in claims trends in the first two months.”

Chhay Rattanak estimated that for the first quarter, the market would grow up to 20 percent, with 20 percent growth to continue throughout the year.

Larger insurers said Tuesday they had seen double-digit climbs in quarterly premium revenue.

“We have increased by 20 percent in premium revenues so far,” said David W Carter, CEO of Infinity General Insurance Plc, declining to disclose premium levels. “This is in line with our budget forecast, and we expect to achieve this trend for the rest of the year.”

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