Thursday, October 19, 2017

AIA wins licence to operate in Cambodia

AIA has secured approval to establish operations in Cambodia. The country’s Ministry of Economy and Finance has given a licence to AIA (Cambodia) Life Insurance, a wholly owned subsidiary of Hong Kong-listed AIA Group, the company said in a recent statement.

Based on its plans, the insurer will start Cambodia operations by the end of the year. In 2016, the country’s insurance sector posted a US$113 million in gross premium growth, a record-high for the country.

A report from the Insurance Association of Cambodia indicated that the total gross premium grew by 35.6% compared with US$83.7 million in 2015.

Cambodia’s insurance sector is still in its infancy, providing significant potential for growth.

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