Marking a decisive step
towards normalising its economy, Cambodia is to get its first life
insurance company. The new company, to be named Cambodian Life
Insurance, is an initiative of the Cambodian government which will
retain 51% of the new insurer’s equity following its

The remaining 49% will be
divided between four foreign insurers: Indonesian insurer PT
Asuransi, Thai insurers Bangkok Life Assurance and Bangkok
Insurance Public, and Hong Kong-based Asia Insurance

As part of Cambodia’s
embryonic insurance market, Cambodian Life Insurance will join the
six existing general insurers.

According to the US Central Intelligence Agency, between
2004 and 2007 Cambodia’s economy grew about 10% per year GDP,
contracted slightly in 2009 as a result of the global economic
crisis, before resuming growth at about 6% in 2010. Cambodia has a
population of 14.7m of which a half is less than 25 years