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First life insurance company opens in Cambodia

The Kingdom’s first life insurance company, Cambodian Life, launched yesterday, courting a market almost entirely unfamiliar with the service.Industry insiders said demand for the products would need time to grow.The Ministry of Economy and Finance signed agreements in August with PT Asuransi Central Asia, Asian Insurance Co ltd, Bangkok Life Assurance Plc and Bangkok Insurance Co ltd to provide the services.The company is 51 per cent government owned, the remaining ownership divided between the four insurance companies. Chairman of General Insurance Association of Cambodia (GIAC), Chhay Rattanak, welcomed the launch, but said it would take time for the company to become profitable. “It is a starting point

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Apsara dancers perform at the opening ceremony of the Cambodia Life Insurance Company Plc yesterday in Phnom Penh. Photograph: Heng Chivoan/Phnom Penh Post The Kingdom’s first life insurance company, Cambodian Life, launched yesterday, courting a market almost entirely unfamiliar with the service.

Industry insiders said demand for the products would need time to grow.The Ministry of Economy and Finance signed agreements in August with PT Asuransi Central Asia, Asian Insurance Co ltd, Bangkok Life Assurance Plc and Bangkok Insurance Co ltd to provide the services.The company is 51 per cent government owned, the remaining ownership divided between the four insurance companies. Chairman of General Insurance Association of Cambodia (GIAC), Chhay Rattanak, welcomed the launch, but said it would take time for the company to become profitable. “It is a starting point

 

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First life insurance company launches in Cambodia

Asean

CLMV economies Outlook by EIC Q1/2021

Within the region, Vietnam’s economy is projected the fastest growth due to ongoing strong exports performance for electronics products and a resilient domestic economy.

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The global recession and COVID-19 pandemic heavily affected CLMV economies in 2020, resulting in major slowdown in Vietnam and Myanmar whereas Laos and Cambodia faced economic contractions from additionally specific negative factors.

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Cambodia

CLMV’s economic growth crashes to two-decade low due to COVID-19

The COVID-19 crisis has caused the rate of economic growth in the CLMV bloc to be at its lowest in two decades, the CLMV economies could grow at 3.4 percent this year

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The COVID-19 pandemic is having a negative impact on CLMV economies through their dependency on foreign-sourced revenue from tourism and exports says KResearchCenter.

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