Cambodia: New players entering insurance market
Source: Asia Insurance Review | Apr 2017
The Ministry of Economy and Finance has issued a licence to AIA (Cambodia) Life Insurance, a wholly owned subsidiary of Hong Kong-listed AIA Group, to operate in Cambodia, the company has announced.
The group, the second largest life insurer in the world by market capitalisation, said it plans to begin operating in the Kingdom by the end of the year. AIA will join a rapidly growing life insurance market in Cambodia, which grew by 95% in 2016 with US$24.4 million in premiums.
The website of the Insurance Association of Cambodia shows that currently, there are four life insurers operating in the country. Separately, Thailand-based TQM Insurance Broker plans to expand its service into Cambodia next year.
“Cambodia and Laos are the first priority for our business expansion in 2018,” company president Dr Unchalin Punnips was quoted as saying by The Nation newspaper.