A Memorandum of Understanding (MoU) has been signed between Cambodia's Coordinating Committee for Informal Economy Development and Phillip Capital Group.
The MoU allows Phillip Capital Group to provide informal economy actors in Cambodia with free insurance services, said news platform The Khmer Times.
This includes free third-party motorcycle insurance for 12 months, for up to $1,000 per claim and $2,000 annually, the article stated. It also said informal workers will “receive personal accident insurance of up to $300 in the event of death, along with quarterly financial literacy training”, without contribution fees.
This announcement comes on the heels of another release, which detailed the support Phillip General Insurance will render Cambodia’s informal economy by expanding access to insurance and financial education without charge.