News eDaily05 May 2017

Cambodia:Number of life insurers increases to 6 this week

05 May 2017

The number of life insurance companies operating in Cambodia increases to six this week with the launch of two newcomers drawn to the market's high potential.

Bangkok Life Assurance (Cambodia) started operations on Tuesday while Hong Kong-based pan-Asian insurer AIA is scheduled to debut today, The Phnom Penh Post reports.

Life insurance has big potential in Cambodia which has a population of around 16 million. Life insurance is relatively new in Cambodia, where it was introduced in 2012.

Last year, the life insurance sector saw gross premiums surge by 95% to US$43 million with total sum assured reaching over $1 billion. Life insurance accounted for 31% of the $120 million in gross premiums recorded last year for the overall insurance market.

The life insurance policyholder base is small with only 51,000 new policies issued in 2016, according to the annual report by the Insurance Association of Cambodia.

Mr Methit Mukdasiri, director of Bangkok Life Assurance (Cambodia), said that this Southeast Asian nation was the first country where the company had expanded to outside of Thailand and that the young demographics boded well for a promising insurance venture.


 

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