Don Weinland
Thursday, 17 November 2011

Canadian firm Manulife Financial plans to set up one of Cambodia’s first life-insurance operations, the company said yesterday.

The Ministry of Economy and Finance had approved “in principle” the investment, which a spokesperson from the company said would be at least US$7 million.

“We believe our entry into Cambodia is both early and timely, in terms of the potential of the country’s life-insurance industry,” David Wong, senior vice-president of Manulife’s ASEAN operations, said yesterday via email.

“We have been either the first, or among the earliest, entrants into similar growth markets,” he added.

Manulife began providing services in Thailand in 1951, he added, as well as in Indonesia and Vietnam in 1985 and 1999, respectively.

There is room to grow in the domestic market as very few Cambodians currently hold insurance policies, according to David Carter, CEO at Infinity Insurance, which sells motor and property insurance in the Kingdom.

“Penetration levels are very low compared to neighbouring countries, and we estimate it to be below one per cent of the population.”

Although competition is high among the Cambodian market’s six general-insurance providers, Carter said Manulife’s focus on life insurance would largely remove the company from that competition.

Four other life insurers recently showed interest in the market, the Post has reported. Indonesian insurer PT Asuransi, Hong Kong-based Asia Insurance and Bangkok Life Insurance and Bangkok Insurance Public – both Thai firms – finalised an initial agreement with the Ministry of Economy and Finance in August.

The Cambodian government will hold 51 per cent of that venture.

One of the world top-three provider of life insurance, Prudential Assurance from UK is considering to open a branch in Cambodia, seems like competition is heating up between the insruance firms operated by the locals and those foreignly owned :)

^^^
Yah, but it shoudl encurage Cambodians to save their hard earning money even more so they can retire with a big saving from life insurance ... and it will generate the jobs for cambododian to work as Insurance agents to earn a commission and strong trusts from theri customers.

The concept of life insurance is something new to the locals, it'll take time to grow. Cambodia is repeating the same story of what Vietnam does in the mid 90's :)

Their new office is on the ground floor of Himawari Hotel and Apartment

Manulife to use tuk-tuks to promote services

http://phnompenhpost.com/2013021161281/Business/manulife-to-use-tuk-tuks-to-promote-services.html

Canada-based life insurance company Manulife Cambodia will launch a big advertising campaign on tuk-tuks this year to raise awareness of its services.

http://phnompenhpost.com/images/tuk_tuks_with_manulife_advertising_by_heng_chivoan.jpg

Canada-based life insurance company Manulife Cambodia will launch a big advertising campaign on tuk-tuks this year to raise awareness of its services.

Manulife Cambodia chief executive Robert J Elliott said the campaign would begin with 75 tuk-tuks.

“We want to educate people to understand the role of life insurance in people’s lives and help them to protect their financial future,” Elliott said.

Manulife Cambodia, which began operations in June last year, has undertaken numerous branding activities such as television commercials, radio and print advertisements, and public displays.

“We see there is a big market for life insurance here, and we are pleased with our performance in our first eight months of operation in Cambodia,” Elliott said.

He believes between one and two million people from Cambodia’s middle class may want to buy, or take advice on, insurance in the future.

Seng Men, 53, who has driven tuk-tuks for about a year and who has become a Manulife client, said he parked his tuk-tuk at the Chbar Ampov market but drove all over Phnom Penh.

“Many people see my tuk-tuk, and some of them ask: ‘What is life insurance?’ I just explain what I know about it,” Men said, adding that Manulife paid him US$15 a month in addition to his daily earnings of between $7 and $13.

Besides Manulife Cambodia, two other companies provide life insurance.

Cambodia’s first life insurance company, Cambodian Life, launched in late May 2012.

In early January, Prudential Cambodia Life Assurance launched operations in the Kingdom.

This company is really good at their advertising compaign. First they done with the street pole advertising and now they target on the tuk-tuk drivers :)

even phnom penh post is breaking the law, remork it is

^^ Remork?

^^

http://www.skyscrapercity.com/showthread.php?t=1584515

I see, no one care to be honest, people are so used to called ''Tuk-tuk''