Two new life insurers enter CambodiaMay 5 2017 by InsuranceAsia News Staff
Cambodia’s life market continues to grow, with foreign players keen to set up stall in the country’s relatively new life insurance sector.
Bangkok Life Assurance launched operations this week, while AIA is set to debut today. The entry of the two life insurers brings the total life insurance market players in the country to six.
During the launch of Bangkok Life Assurance (Cambodia), Nguon Sokha, secretary of state for the ministry of economy and finance, said that life insurance gross premiums accounted for 31% of the US$120 million in gross premiums recorded last year.
The gross premium value of life insurance was measured at US$43 million for 2016, with a recorded total sum assured reaching over US$1 billion.
The growth reflects the increasing trust of Cambodians for new financial products, Sokha said.
Life market penetration in Cambodia remains very low, at approximately 0.2% of gross domestic product, compared to a market penetration of up to 4% across the rest of Asia, said Robert Elliott, chief executive officer and general manager of Manulife Cambodia.
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