Thai insurer picks Cambodia for first overseas op
Source: Asia Insurance Review | Feb 2016
Muang Thai Life Assurance (MTL), Thailand’s second largest insurer, has picked Cambodia for its first overseas operation which starts this year.
The 49%-51% joint venture, called Sovannaphum Life Assurance, is set up with Cambodia-based Canadia Investment Holding with a registered capital of US$7 million, reported The Bangkok Post.
The new company will focus on protection and endowment policies, said MTL President and Chief Executive, Mr Sara Lamsam. With Cambodia’s population of 15 million and an insurance penetration rate below 1% of GDP, there is high growth potential, he said.
Currently, there are 11 insurers in Cambodia including three life insurance companies and two composite insurers.