The insurance market in Cambodia witnessed record growth last year and was valued at US$114 million. The total gross premium in the Cambodian market rose by 35.6% to $113.6 million last year compared with $83.7 million in 2015. A report into the insurance market in Cambodia said that the insurance market has continued to grow year-on-year due to increased coverage in property and fire insurance, medical insurance, engineering insurance, personal accident insurance, and marine, aviation and transport insurance. Huy Vatharo, IAC chairman said, “The growth of the insurance industry in Cambodia defines a better future for the Cambodian economy as the risks involved, as well as financial strains that could befall Cambodian families and businesses, are transferred to insurance companies instead”. Vatharo said that other than general insurance, the life insurance industry has also been playing a crucial role in building a healthier financial future for Cambodian families while also driving the long-term economic development of the country.