Asian News - Laos: First composite insurer to be established
Source: Asia Insurance Review | Apr 2016
Lao’s Phongsavanh Group (PSVG) has signed a partnership agreement to appoint Singapore’s Mekong Group and Deloitte & Touche Business Advisory to set up the first life and non-life insurance company in the Indochinese country. The company is to be called Phongsavanh Insurance Company (APA).
Under the agreement, signed in March, Deloitte will conduct a feasibility study to determine current needs before setting up the required insurance framework, systems and distribution network to serve both the local population as well as companies doing business in Laos. The country has a population of around 7 million.
This is a historic event for Laos as APA is the first insurance company that is being set up in Laos that will offer both life and non-life insurance products, said Deloitte in a statement.
PSVG is a leading group of companies in Laos with successful pioneering enterprises in banking, oil distribution, airline, logistics, trading, food & beverage, timber and telecommunications.
Mekong Group is a Singapore-based company with a focus on Laos. It plays an advisory role and manage strategic partnerships for Laotian companies and state-owned enterprises.
Deloitte was appointed following a competitive bidding process with two other experienced consultants.