Total gross premium in Cambodia's insurance industry grew 30% from $151.6 million in the previous year to $196.4 million in 2018, mostly driven by life insurance sales, according to the Insurance Association of Cambodia's latest report.
Of the total, general insurance sales grew by 15% with life insurance expanding by 50.6% last year. In 2017, general insurance premiums stood at $75.4m.
In the non-life sector, growth was driven by motor insurance, which showed a 26.3% increase, property insurance with 15.2% growth, and personal accident and medical insurance with a 12.1% increase, reported Khmer Times.
IAC chairman Huy Vatharo said $22.3m in general insurance claims were paid out in 2018. The life insurance sector paid out over $2.3m in claims last year.
At the end of 2018, there were 12 general insurance companies and eight life insurance companies operating in the country.
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