Risk management: Insurance premiums grow in 2011

[PHNOM PENH POST]

INSURANCE premium revenue increased 24 percent in the first two months of 2011 compared year on year, as both number of policies and rates increase, according to figures obtained from the General Insurance Association of Cambodia yesterday.

The increase was led by three main categories, including fire insurance, miscellaneous, and personal accident insurance. All three increased by at least an annualised 40 percent during the two months, GIAC assistant to the chairman Ty Athith wrote.

“Rates are noticed to be increasing as well - this can be a consequence of losses last year,” he said, adding the number of policies issued grew by 28 percent in the first two months.

Some US$830,000 in claims was paid out on during the period, a 22 percent decline on the period in 2010, the statistics showed.