Dai-ichi to open business in Cambodia

July 22 2016 by InsuranceAsia News Staff

Dai-ichi Life is set to become the first Japanese life insurer to venture into the Cambodian market.

It is scheduled to open a representative office in Phnom Penh by the end of July, according to sources privy to the development.

Dai-ichi intends to start selling insurance products in the Southeast Asian country by the fiscal year ending March 2018 at the earliest according to a report.

Major Japanese life players have been expanding abroad recently, where they have been buying up competitors.

The reason for the outward expansion, the report said, is Japan’s aging population which limits growth potential, and the negative interest rate policy of the Bank of Japan.

In Cambodia, the proportion of young people is high and the life insurance market is still in its infancy, thus offering attractive growth prospects.

The Cambodia branch will add to Dai-ichi’s presence in the region.

It already has businesses in Vietnam, Thailand and Indonesia.