PHNOM PENH, Aug. 9 (Xinhua) -- Cambodia's fledgling insurance industry has seen a 37 percent increase in gross premium in the first half of 2016 over the same period last year, the Insurance Association of Cambodia (IAC) said in a press release on Tuesday.
Gross premium grew to 56 million U.S. dollars during the January-June period this year, up from 40.9 million U.S. dollars over the same period last year, the press release said.
The Southeast Asian country has seven general insurers and four life insurers.
The general insurers contributed to the gross premium of 37.4 million U.S. dollars in the first half this year, up 16 percent over the same period last year, while the life insurers contributed to the gross premium of 18.6 million U.S. dollars, up 113 percent.
IAC's chairman Huy Vatharo is confident that the combined industry between life and non-life insurance is moving on a positive track.
"I am very delighted to see both general and life insurance industries grow substantially from quarter to quarter. This result shows a greater customers' confidence in insurance sector in the country," he said.
