Cambodia’s embryonic life insurance
industry has taken another decisive step forward with the
announcement by Manulife Financial that it has been given the
go-ahead by the country’s Ministry of Economy and Finance to
establish a wholly-owned life insurance business.
The Canadian insurer said that it
had also agreed to provide support to the government in its efforts
to develop the country’s life insurance industry.
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The Manulife business will be the
second life insurer in Cambodia. The establishment of the country’s
first life insurer, Cambodian Life Insurance (CLI), was announced
in September this year.
CLI is an initiative of the
Cambodian government and four foreign insurers: Indonesian insurer
PT Asuransi; Thai insurers Bangkok Life Assurance and Bangkok
Insurance Public; and Hong Kong-based Asia Insurance Group. The
Cambodian government will hold a 51% stake in CLI.
Cambodia has six general insurance
companies. According to Cambodian media quoting the General
Insurance Association of Cambodia, annual general insurance premium
income is currently about $27m.
For Manulife, Cambodia will represent the 11th Asian country in
which it operates. Manulife’s last new entry in the region was into
Vietnam, in 1999.
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