Revenue among insurance firms increased 14 percent in the first quarter compared with the same period last year, according to figures released Tuesday by the Insurance Association of Cambodia (IAC).
From January to March, insurance premiums generated $13.86 million compared to $12.15 million the year before, with fire premiums increasing by 24.7 percent to 4.3 million and accounting for almost a third of the total value.
Oeurn Chanvisoth, IAC secretary general, said the increase has been driven by an upward trend in people looking to protect their homes and businesses against fire.
“Revenue from fire insurance still continues to grow because the number of customers taking fire insurance keeps rising day to day…. When they are informed of the advantage of insurance they will not abandon the service.” The value of insurance premiums in engineering fell by 74.7 percent from $1.2 million to $304,075.
The decrease was due to a decline in approved construction projects, said Youk Chamroeunrith, the general manager of Forte Insurance Company.
“If there are not many engineering projects approved, the premiums also go down,” he said.
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