Cambodia's insurance premiums up 21 pct in H1

Cambodia's insurance premiums up 21 pct in H1

PHNOM PENH, Aug. 14 (Xinhua) -- Cambodia's insurance industry reported a total premium of nearly 27 million U.S. dollars in the first six months of this year, up 21 percent over the same period last year, an official report showed Thursday.

The main sources of the premium were from the insurances of fire, engineering, marine cargo, vehicles, health, and personal accident, said the report of the General Insurance Association of Cambodia (GIAC).

GIAC's President Huy Vatharo said the growth clearly showed better economic situation and more awareness of insurance advantages among the public.

"Insurance sector is now playing a very important role to build investors confidence in their businesses," he said. "We expect a better growth in the second half of this year."

The Southeast Asian nation has nine insurers including six general insurance firms and three life insurers.

In June, the Parliament passed the insurance law aimed at ensuring the sustainability and accountability in the nascent industry.

Under the law, to open an insurance company, the insurer must have the minimum capital of 7 million U.S. dollars.