Cambodia Launches First Life Insurance Company

Cambodia launched the country's first life insurance company with the official inauguration of Cambodian Life Insurance Company (Cambodian Life) on May 21, 2012. It is seen as another landmark in the kingdom's financial market after the opening of the stock market in mid-April.

Cambodian Life is a joint venture established on January 10 by Cambodia's Ministry of Economy and Finance and four other partners namely PT Asuransi from Indonesia, Asia Insurance from Hong Kong, Bangkok Life Assurance and Bangkok Insurance Public from Thailand.

The Ministry holds 51 per cent stake in the joint venture.

As a newly-born enterprise three types of insurances are offered on the company's product list: mortgage insurance, whole life insurance and term insurance.

Aun Pornmoniroth, a minister attached to the Prime Minister and the Ministry of Economy and Finance's secretary of state, hailed Cambodian Life's inauguration as another historical achievement after the stock market's launch in April.

An employee from Cambodian life said more insurance products will be designed in future to diversify the country's insurance market, including health insurance and accident injury coverage.