Dai-ichi Life to enter Cambodian marketMarch 12 2018 by InsuranceAsia News Staff
Capitalising on the increasing demand for insurance as Cambodia’s economy continues to grow rapidly, Japan’s Dai-ichi Life Holdings wills set up operations in the Southeast Asian country.
According to the Tokyo-based insurer, it will establish a wholly owned subsidiary in Cambodia as early as this month, the first for a Japanese life insurer.
Dai-ichi Life expects to begin operating in Cambodia in the fiscal year starting this April.
Its plan includes gradually investing around ¥4 billion ($37.7 million) in a Phnom Penh-based unit to fund the expansion.
The Cambodian unit will initially offer insurance through local banks and will employ about a hundred local staffers, including over-the-counter sales personnel and individual agents.
Dai-ichi entered the South-East Asian market in 2006 via the acquisition of Vietnam’s Bao Minh CMG Life Insurance.
Since then, it has been steadily building up its footprint in the region.
- January 11
The agreement extends original alliance that started in 2010 for a fee of US$851m.
- December 31
Petrolimex Insurance Corporation and Woori Bank have signed a bancassurance agreement.
- October 15
Another major bancassurance deal is under review in Asia.
- October 9
Asia CEO Nic Nicandrou is keen to spend some money on acquisitions in the region.