Dai-ichi Life to enter Cambodian market

March 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.

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