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Old November 18th, 2011, 12:01 AM   #1
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Life Insurance Companies in Cambodia

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.
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Old December 8th, 2011, 09:23 AM   #2
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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
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Old December 10th, 2011, 05:42 PM   #3
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^
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.
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Old December 12th, 2011, 09:37 AM   #4
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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
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Old January 14th, 2012, 06:13 AM   #5
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Their new office is on the ground floor of Himawari Hotel and Apartment
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Old May 22nd, 2012, 02:35 PM   #6
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First life insurance company launches in Cambodia

http://www.phnompenhpost.com/index.p...ens-doors.html

Tuesday, 22 May 2012
May Kunmakara


Apsara dancers perform at the opening ceremony of the Cambodia Life Insurance Company Plc yesterday in Phnom Penh. Photograph: Heng Chivoan/Phnom Penh Post

The Kingdom’s first life insurance company, Cambodian Life, launched yesterday, courting a market almost entirely unfamiliar with the service.

Industry insiders said demand for the products would need time to grow.

The Ministry of Economy and Finance signed agreements in August with PT Asuransi Central Asia, Asian Insurance Co ltd, Bangkok Life Assurance Plc and Bangkok Insurance Co ltd to provide the services.

The company is 51 per cent government owned, the remaining ownership divided between the four insurance companies.

Chairman of General Insurance Association of Cambodia (GIAC), Chhay Rattanak, welcomed the launch, but said it would take time for the company to become profitable.

“It is a starting point. This is another step in the development of the sector and works in cohesion with many other countries in the region. I think there will be some other companies that will open soon,” he said. “I think it will take between two and three years to become successful. Success is not possible in one year because more time is needed to convince the people.”

He added that other countries in the region such as Vietnam also started with general insurance and followed with life insurance, which had taken around three years to become profitable.

The establishment of Cambodian Life in the Kingdom would develop confidence in the market and eventually attract other life insurance companies to Cambodia, said Aun Pornmoniroth, secretary of state at the Ministry of Economy and Finance.

“The establishment of Cambodian Life will create diversity in financial services for people to manage unforeseen risks in the future” he said. “Cambodia Life will operate throughout the country to provide life insurance products that will be private and voluntary and will assist in creating a social safety net.”

Cambodian Life has done its due diligence on the market, according to In Meatra, the company’s director general.

He said the company had been conducting feasibility studies into what services would be offered since 2004, and that the decision was carefully considered.

“After our feasibility studies, we had a fantastic response from businessmen and even from people who work within the informal economy,” he said. “If the response had not been so positive, we would not have proceeded with launching the business. I think these products will serve a need of the people, as the economy is growing and these services are coming into demand.”

The company will provide three main services, In Meatra said: term life insurance, whole life insurance and mortgage insurance.

The price for term and whole life insurance starts from US$5,000 while mortgage insurance starts from $1,500.
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Old November 16th, 2012, 02:46 PM   #7
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I am really interest in the take up rate, it is very difficult to introduce Life Insurance to the supersititous Asian market.
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Old February 12th, 2013, 05:11 AM   #8
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Manulife to use tuk-tuks to promote services

http://phnompenhpost.com/20130211612...-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.

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Old February 12th, 2013, 05:11 AM   #9
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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.
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Old February 12th, 2013, 05:12 AM   #10
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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
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Old February 12th, 2013, 07:06 AM   #11
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even phnom penh post is breaking the law, remork it is
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Old February 12th, 2013, 08:47 AM   #12
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Remork?
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Old February 12th, 2013, 08:54 AM   #13
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http://www.skyscrapercity.com/showthread.php?t=1584515
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Old February 12th, 2013, 08:56 AM   #14
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I see, no one care to be honest, people are so used to called ''Tuk-tuk''
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Old July 1st, 2014, 12:05 PM   #15
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Thai gov’t insurance firm eyes Cambodia

http://www.phnompenhpost.com/busines...-eyes-cambodia

ThaiI government-owned insurance company Dhipaya Insurance has Cambodia in its sights, according to a report in the Nation.

According to the report, Dhipaya aims to expand its general insurance offering throughout the region within the next five years, starting with Laos and Cambodia, then Myanmar and Vietnam.

Managing director of Dhipaya, Somporn Suebthawilkul was quoted saying in the Nation’s June 30 report that the company is currently undertaking a feasibility study of Cambodia for the expansion.

But the Thai insurer has yet to officially apply to the Cambodian government for an insurer’s licence. Foreign insurance companies are also required to have $7 million in registered capital before entering the Cambodian market.

Mey Vann, director of the Department of Industry and Finance at the Ministry of Economy and Finance said yesterday that he had not received any proposal from Dhipaya Insurance yet.

“We welcome any company as long as they abide to Cambodia law and regulation,” he said.

Responding to questions over whether Cambodia already has too many insurance providers, Vann said once Dhipaya submits a proposal, the ministry will consider granting a licence.

“So far, there is no regulation that says Cambodia only needs ‘this’ amount of insurance companies,” he said.

“That said, the ministry will discuss whether to give out licences to the new companies,” he said.

There are currently seven general insurance providers operating in Cambodia.

General manager of Forte Insurance, Youk Chamroeunrith, one of Cambodia’s largest general insurers, also said he was unaware of the Thai government-owned insurance providers intentions.

“Their coming will add competition to the established companies by taking some part of the market share, but it is a free market,” he said.

Chamroeunrith added that Cambodia’s total insurance premium market is valued at about $40 million.
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