Claims lodged with Cambodia's six largest insurers declined by more than 90% in the first quarter of 2012, according to Cambodian daily The Phnom Penh Post.
Statistics from the General Insurance Association of Cambodia showed that claims worth $2.1m were lodged between January and March this year, down from $24m during the same period in 2011.
The value of claims in 2011 was raised by fires that gutted two clothing factories early last year, Insurance Insight understands. Increased industrial performance and safety were cited by industry insiders as factors in the fall in incidents in 2012.
"During this time last year, we had two big garment factories, River Rich and June Textile, that cost about $22m in fire damages. But early this year, we did not face any big accidents, so things got a bit better," Ty Atith, deputy director of operations at GIAC, told The Phnom Penh Post.
Several claims worth about $500,000 each were filed this year, the majority related to engineering accidents and health claims, GIAC data shows.
Asia Insurance (Cambodia) paid River Rich Textile $1.1m for its destroyed warehouse in Kandal province.
Despite a substantially lower claim value, premiums collected reached about $9.4m, a year-on-year average increase of 39%, as more businesses bought insurance.
Fire insurance premiums increased by 27%, the data showed, while motor and health premiums rose by 21% and 16% respectively.
David Carter, chief executive at Infinity Insurance, told the publication that his firm's insurance premiums had risen by 36% during the period.
"We have seen a major increase in medical and property premiums. This reflects a combination of an increase in economic activity, more employers seeking coverage options beyond the mandated scheme, and more clients moving to Infinity," he said.
by
- Francesca Nyman
- http://www.insuranceinsight.eu
0 comments:
Post a Comment