Cambodia sees life insurance rushSeptember 14 2017 by InsuranceAsia News Staff
Cambodia’s insurance market is seeing accelerated growth, with the life insurance segment experiencing dramatic increases in recent years.
As of the first half of 2017, more than US$1 billion worth of life premiums were issued in the country, according to data from the Insurance Association of Cambodia (IAC).
Analysts said this is quite an achievement for the life insurance sector, given that it only has a five-year track record.
At present, six life insurers are competing in the Cambodian market, and new participants are expected to further intensify the competition and stretch the market in the near future.
Among these new entrants are Bangkok Life Assurance and AIA.
Manulife Cambodia CEO Robert Elliot said the continuous growth of the life insurance industry reflects the financial well-being of Cambodian families and the country’s long-term economy.
- March 6
As insurers reach the implementation phase of IFRS 17 there is plenty of work ahead.
- February 28
Insurance Council of Australia chief executive Rob Whelan warns of need for balance to reforms.
- February 27
Insurance firms will need to set up offices in Labuan to benefit from its 3% tax rate.
- February 25
The Chinese government has yet to find an investor for the insurance giant.