Cambodia’s booming
economy and a range of socio-economic factors, including a young
and competitive workforce and a rapidly growing middle class,
appear to be laying the foundations for a sustainable life
insurance industry in the country, according to research by Life
Insurance International.
This is supported by
senior industry figures who believe that Cambodia’s life insurance
is well positioned to grow.
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Speaking to Life
Insurance International, David Wong, senior vice-president and
chairman of Manulife (Cambodia), said: “Cambodia has recently begun
to capitalise on its economic potential. Since adopting free-market
economic policies in the 1990’s and increasing its integration
within the international community, Cambodia’s economy has
flourished.”
Growing middle
class
Wong explained that Cambodia’s economy is
also benefiting from a young and competitive workforce and a
rapidly growing middle-class.
“In view of this, and of the country’s
fast developing yet untapped demand for life insurance, many
insurers, Manulife included, believe the country is well-positioned
for the development of the life insurance industry,” said
Wong.
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By GlobalDataPankaj Banarjee, general
manager of Prudential’s representative office in Cambodia, supports
this view. He says that the Cambodian life insurance market has
“very positive” long term growth potential.
Banarjee explains this is because the
demand for life insurance and other financial products is expected
to rise strongly on the back of robust economic growth in addition
to growing urban population with rising per capita GDP across the
whole populace.
“We believe these
represent a significant untapped market opportunity for Prudential
and that we are well placed to capture the opportunities there,”
says Banarjee.
Prudential Corporation
Asia announced on 2 July 2012 that it has received in-principle
approval from the Cambodian Ministry of Economy and Finance to
establish a wholly foreign-owned life insurance operation in the
country. Cambodia extends Prudential’s life insurance footprint in
Asia to 13 markets.
More information on
Cambodia’s life insurance market will be available in the August
issue of Life Insurance International.
