The Insurance Regulator of Cambodia (IRC) and National Meanchey University (NMU) have signed a Memorandum of Understanding (MoU) to cooperate on raising awareness and human resource development of the country's insurance sector among the public.
The signing of the MoU was presided over by IRC director general Bou Chanphirou and MNU rector Chea Soeurn.
According to news platform The Khmer Times, Mr Chanphirou spoke on how important insurance was for the nation’s national development, calling it “a powerful financial tool to drive economic growth, support society in maintaining financial security and promote long-term financial stability”.
“However, compared to other countries in the region and globally, Cambodia’s insurance market remains relatively small, which highlights both its vast growth potential and its existing gaps and challenges,” he said to The Khmer Times.
“These include limited public awareness of the benefits of insurance and a shortage of human resources in the sector, issues that require cooperation with relevant institutions, especially higher education institutions.”