PHNOM PENH, Nov. 12 (Xinhua) -- Cambodia's insurance industry recorded a total premium of 31 million U.S. dollars in the first nine months of the year, up 20 percent compared with the same period last year, figures showed Tuesday.
The main sources of the premium were from the insurances of fire, engineering, marine cargo, vehicles, health and personal accident, said the figures of the General Insurance Association of Cambodia (GIAC).
It said during January-September period this year, the total amount of claims paid out by local insurers was 8.5 million U.S. dollars, down 167 percent compared with the same period last year. "The growth in the sector was thanks to better economic situation and more awareness of insurance benefits among the public,"Ty Atith, assistant to GIAC's President Chhay Rattanak, told Xinhua.
The Southeast Asian nation has nine insurers including six general insurance companies and three life insurers.
According to the Cambodian law, to open an insurance company, the insurer must have the minimum capital of 7 million U.S. dollars.