Cambodia: Chinese credit insurer planning to enter market
Source: Asia Insurance Review | Oct 2016
Cambodia’s Ministry of Economy and Finance has revealed that the Chinese government-run China Export and Credit Insurance Corporation (Sinosure) is in talks to enter the country’s insurance market.
Mr Wang Yi, Sinosure Chairman, met Finance Minister Aun Pornmoniroth last month to discuss the idea of offering credit insurance in order to boost investment in Cambodia, reported Khmer Times citing a ministry statement.
Mr Youk Chamroeunrith, Managing Director of Forte Insurance (Cambodia), commented on Sinosure’s plan: “I think that it will give more benefits to our local business people who send merchandise abroad, as it will provide another option for them to access credit without needing to rely on banks and providing collateral.”
While Forte Insurance has offered credit insurance for the last three years, the product is still not known widely, and Sinosure’s entrance into the market would boost its popularity, said Mr Chamroeunrith.