Income of Insurance Sector Rises to 56 million USD in the First half of 2016

Phnom Penh- In the first semester of 2016, Insurance sector has been increasing remarkably because of Economic growth and the people are understanding more and more in this field, according to a report of Insurance Association of Cambodia.

Insurance’s income in the first half year of 2016, increased 37% compare to the total income in the half year of 2015, which is about 40.9 million USD rose to 56 million USD. General insurance and life insurance are the special parts to help the insurance sector jumps noticeably.

Mr. Huy Vatharo, Head of Insurance Association said on 11^th August, there are 11 insurance companies in Cambodia nowadays, 7 of them are general insurance companies while other 4 are life insurance companies.

Mr. Huy Vatharo added that, there are 2 big factors which can bring the insurance sector becomes successful. First, the economic growth in Cambodia which brings many companies invest into Cambodia and those companies are using insurance services. Furthermore, the living standard of Cambodian people are better to inspire them to use insurance services more and more. Second, the knowledge of people is better than before, that’s make them understand about the important and benefit from insurance services.