Compulsory vehicle insurance on its way: Gov’t

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AndyKK
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Compulsory vehicle insurance on its way: Gov’t

Post by AndyKK »

Compulsory vehicle insurance on its way: Gov’t

The government announced yesterday that it will make vehicle third-party liability coverage compulsory soon.
Speaking during ‘Insurance Day’, an event held on Thursday in Phnom Penh to promote the industry, Finance Minister Aun Pornmoniroth said the government is planning to issue a law that will make vehicle insurance mandatory for every vehicle owner, which, he added, is in line with the existing Insurance Law.
He said the law will aim to provide financial protection against physical damage resulting from traffic collisions as well as protect the insured against any liability arising from such incidents.
“Victims will be appropriately compensated for their injuries,” he said, adding that the regulation will contribute to the development of the industry.
The minister did not reveal a timeframe for the launch of the law.
Nget Bunthoeurn, deputy CEO of Ly Hour Insurance, said less than five percent of vehicles on Cambodian roads are insured. When the upcoming law comes into effect, the sector will grow rapidly, he predicted.
“Property and vehicle insurance will experience strong growth in the years to come.”
Allen Thai, CEO of Dai-ichi Life Insurance, told Khmer Times at the event that the industry, particularly the life insurance segment, has experienced robust growth in the last few years.
“The market still has plenty of room to grow, that is why we decided to expand our business in the country,” he said.
There are 13 general insurance companies, 11 life insurance companies and 7 micro-insurance firms operating in the country, according to a report from the ministry. Total gross premium in the insurance industry has increased on average 35 percent a year for the last five years.
The total gross premium reached $196.4 million last year. It is expected to reach $260 million in 2019.
Huy Vatharo, chairman of the Insurance Association of Cambodia, told Khmer Times previously that the ‘Insurance Day’ will help promote the industry, build awareness and help people understand the benefits of becoming insured.
“With more Cambodians understanding the benefits of insurance, I have no doubt that the industry will achieve strong growth in 2019 and in years to come,” he said.
According to the association, between 2013 and 2018, the annual compound average growth rate was 15.7 percent for general insurance and 120.5 percent for life insurance.

https://www.khmertimeskh.com/50627474/c ... -way-govt/
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Re: Compulsory vehicle insurance on its way: Gov’t

Post by Ravensnest »

As a licensed agent elsewhere, I would be interested to know the break down of the 35% annual increase during the past 5 years. I'd like to know how much of that was the cost of premiums increasing and how much was from new customers.
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Re: Compulsory vehicle insurance on its way: Gov’t

Post by Duncan »

I would love to see more details on how it will work. Will cars with no number plates be excluded from the system, and what about cars that come into Cambodia for ??? days from Thailand and Vietnam. Then there are cars that have number plates from other cars, and Military cars and trucks .
What if the driver is under 18 and has no licence ? The list goes on and on.


“Victims will be appropriately compensated for their injuries,” he said,
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Re: Compulsory vehicle insurance on its way: Gov’t

Post by phuketrichard »

Duncan wrote: Fri Jul 26, 2019 1:11 pm I would love to see more details on how it will work. Will cars with no number plates be excluded from the system, and what about cars that come into Cambodia for ??? days from Thailand and Vietnam. Then there are cars that have number plates from other cars, and Military cars and trucks .
What if the driver is under 18 and has no licence ? The list goes on and on.


“Victims will be appropriately compensated for their injuries,” he said,
I wonder how many cars in Camboida are NOT legal? Ie; no insurance, no yearly tax paid etc>
In Thailand to get ur yearly registration, you need show you have at last the gov insurance an than ur yearly sticker is issued.
Cant they do the same thing there?
Ie . no sticker ur fined, 3 tickets you lose ur car till you get the sticker. Not rocket science.

As to cars from Thailand/Vietnam etc. Make insurance available at the border (as thailand, Laos & Malaysia) does for foreign plated cars.
You insure the car, NOT the driver
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Re: Compulsory vehicle insurance on its way: Gov’t

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Quote - The government announced yesterday that it will make vehicle third-party liability coverage compulsory soon.
Speaking during ‘Insurance Day’, an event held on Thursday in Phnom Penh to promote the industry, Finance Minister Aun Pornmoniroth said the government is planning to issue a law that will make vehicle insurance mandatory for every vehicle owner, which, he added, is in line with the existing Insurance Law.

Just has a interest how many expats alone here have their car/moto registered by plate and card, legal in their own name?
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Re: Compulsory vehicle insurance on its way: Gov’t

Post by Yerg »

AndyKK wrote: Sat Jul 27, 2019 2:15 am Quote - The government announced yesterday that it will make vehicle third-party liability coverage compulsory soon.
Speaking during ‘Insurance Day’, an event held on Thursday in Phnom Penh to promote the industry, Finance Minister Aun Pornmoniroth said the government is planning to issue a law that will make vehicle insurance mandatory for every vehicle owner, which, he added, is in line with the existing Insurance Law.

Just has a interest how many expats alone here have their car/moto registered by plate and card, legal in their own name?
I can only speak for myself here. I bought a new road bike, had it registered in my name (for a barang fee) and had it fully insured. I also bought an old (12+ years old) off-road bike, which I couldn't put in my name. But I had the reg card and a bill of sale/receipt for the purchase, which the insurance company accepted and I had that insured too.

I agree with phuketrichard that cars coming across the border could be controlled with border insurance agents. No insurance for the car, no cross. If a car has no plate, use the VIN??? There are numerous ways to control/police it. (Thailand has the same system as UAE, where each year you renew the plate sticker which proves you have the insurance. No sticker, you get pulled/fined. 3rd time without renewing, the car is impounded. Although, there are some entrepreneurial types who may try and cash in on this.)
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Re: Compulsory vehicle insurance on its way: Gov’t

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Yerg wrote: Sat Jul 27, 2019 3:41 am
AndyKK wrote: Sat Jul 27, 2019 2:15 am Quote - The government announced yesterday that it will make vehicle third-party liability coverage compulsory soon.
Speaking during ‘Insurance Day’, an event held on Thursday in Phnom Penh to promote the industry, Finance Minister Aun Pornmoniroth said the government is planning to issue a law that will make vehicle insurance mandatory for every vehicle owner, which, he added, is in line with the existing Insurance Law.

Just has a interest how many expats alone here have their car/moto registered by plate and card, legal in their own name?
I can only speak for myself here. I bought a new road bike, had it registered in my name (for a barang fee) and had it fully insured. I also bought an old (12+ years old) off-road bike, which I couldn't put in my name. But I had the reg card and a bill of sale/receipt for the purchase, which the insurance company accepted and I had that insured too.

I agree with phuketrichard that cars coming across the border could be controlled with border insurance agents. No insurance for the car, no cross. If a car has no plate, use the VIN??? There are numerous ways to control/police it. (Thailand has the same system as UAE, where each year you renew the plate sticker which proves you have the insurance. No sticker, you get pulled/fined. 3rd time without renewing, the car is impounded. Although, there are some entrepreneurial types who may try and cash in on this.)
Yes, I had done the same in buying a new road bike (when the new law came in) that saying foreigners could no longer register 2nd hand bikes. but what do you mean from your quote - (for a barang fee) registered in your name? It cost me no further fees to have the bike registered in my own name.
Yerg do you have details of the insurers you used?
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Re: Compulsory vehicle insurance on its way: Gov’t

Post by Yerg »

AndyKK wrote: Sat Jul 27, 2019 4:26 am
Yerg wrote: Sat Jul 27, 2019 3:41 am
AndyKK wrote: Sat Jul 27, 2019 2:15 am Quote - The government announced yesterday that it will make vehicle third-party liability coverage compulsory soon.
Speaking during ‘Insurance Day’, an event held on Thursday in Phnom Penh to promote the industry, Finance Minister Aun Pornmoniroth said the government is planning to issue a law that will make vehicle insurance mandatory for every vehicle owner, which, he added, is in line with the existing Insurance Law.

Just has a interest how many expats alone here have their car/moto registered by plate and card, legal in their own name?
I can only speak for myself here. I bought a new road bike, had it registered in my name (for a barang fee) and had it fully insured. I also bought an old (12+ years old) off-road bike, which I couldn't put in my name. But I had the reg card and a bill of sale/receipt for the purchase, which the insurance company accepted and I had that insured too.

I agree with phuketrichard that cars coming across the border could be controlled with border insurance agents. No insurance for the car, no cross. If a car has no plate, use the VIN??? There are numerous ways to control/police it. (Thailand has the same system as UAE, where each year you renew the plate sticker which proves you have the insurance. No sticker, you get pulled/fined. 3rd time without renewing, the car is impounded. Although, there are some entrepreneurial types who may try and cash in on this.)
Yes, I had done the same in buying a new road bike (when the new law came in) that saying foreigners could no longer register 2nd hand bikes. but what do you mean from your quote - (for a barang fee) registered in your name? It cost me no further fees to have the bike registered in my own name.
Yerg do you have details of the insurers you used?
I had my driver make the registration for the bike, and he told me that it would cost a little more. I was fully aware that it was down to my own laziness that the fee was layered. Hey, guess what??? No receipts :lol:

Prudential in PP are good for insurance for expats. Not the cheapest, but at least you have the backing of a big western brand if you need to make a claim. Fortunately, I never did. But it's better to have it and not need it, rather than to need it and not have it!!
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Re: Compulsory vehicle insurance on its way: Gov’t

Post by newkidontheblock »

So does that mean the game of paying a negotiated cash compensation in crashes are going away?

For that matter, will insurance agents be coming out to the scene of a barang involved accident and tell the locals (and the cops) that the Khmer are getting nothing because it was the locals fault?
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Re: Compulsory vehicle insurance on its way: Gov’t

Post by cambo swa »

Bullsh*t! Insurance?

Maybe they need to get a driver's license first. When they do a runner do they leave their insurance card behind to pay for the damages and deaths? How much does Cambodian insurance pay for running over and killing someone? Insurance does not work if only 25% of the drivers have insurance. Now the types of insurance they do have does not pay if your vehicle is stolen. I sell my SUV and then pay the bong 2-star at the Khan Daun Penh police station $500 to write a report saying my SUV was stolen. Who is going to determine fault? Some 23 year old insurance staff is going to tell an ohkna he is at fault? Anyway, good luck to them.
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