The government plans to implement compulsory insurance for private vehicles, according to Ministry of Economy and Finance secretary of state Mr Ros Seilava.
Cambodia's insurance industry has seen an average annual growth of 20% in the last five years, a senior regulatory official has revealed.
Cambodia Life Micro Insurance (Camlife), the first life insurance company in the kingdom, marks the 10th anniversary this year of its founding, reporting record growth in gross premium in the first six months.
The country's labour and finance ministries are set to implement a pension plan under the Labour Law that will benefit both private and public workers.
More coordinated efforts are needed to promote the digitalisation of business models in the insurance sector to raise efficiency in the value chain and create a more diverse spectrum of insurance products and services in Cambodia.
The Insurance Regulator of Cambodia (IRC) has held talks with insurance specialists from World Bank (WB), according to a statement issued by the regulatory agency.
Cambodia's insurance industry reported a total premium of $293.4m in 2021, up by 9.5% year-on-year, despite the economic fallout from the COVID-19 pandemic, according to a report of the Insurance Regulator of Cambodia (IRC).
The insurance regulator has urged insurers, banks, and other financial institutions to cooperate in bancassurance to drive growth in the insurance sector.
The Ministry of Economy and Finance has given in-principle approval to a revised draft sub-decree on insurance.
Hong Kong-headquartered pan-Asian insurer FWD Group has launched its operations in Cambodia, expanding its footprint across Asia to 10 markets.