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Old August 16th, 2011, 06:23 AM   #1
mrfusion
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Cambodia Insurance Industry

Life insurance to be launched
http://www.phnompenhpost.com/index.p...-launched.html
CAMBODIA has struck an agreement to create the Kingdom’s first life insurance firm, a Ministry of Economy and Finance official said yesterday.

The venture will be 51 percent held by the government, with the remainder owned by a group of four private companies, said Ros Phearun, Deputy Director of the ministry’s Finance Industry Department.

“This policy is very important for our country, as it will help to ensure financial security for Cambodians and will help to develop the financial industry,” he said.

The private companies include Indonesian insurer PT Asuransi, Hong Kong-based Asia Insurance, and Thai firms Bangkok Life Insurance and Bangkok Insurance Public, said Ros Phearun.

The deal was reached on Thursday, though no date has been set to create the insurance firm, he added.

Representatives of the four firms could not be reached for comment yesterday.

Observers welcomed the firm’s creation, commenting there was a requirement for the life insurance services it would provide.

“It’s good to see the government issue the licence. Cambodians need life insurance as much as anybody else,” ACLEDA Bank Chief Executive In Channy said yesterday. “When family members who have access to loans die, they sometimes leave the family with outstanding debts. Life insurance will help to alleviate this financial burden.”

There are currently 6 insurance companies and one re-insurance company operating in the Kingdom, according to the most recent data from the General Insurance Association of Cambodia statistics.

A total of US$13.5 million in premium revenue was collected in the first half of this year, a 19 percent year-on –year increase on the $11.43 million recorded in 2010, its statistics show.

Claims also increased during the first six months compared year-on-year, hitting $30.6 million in the period in 2011, from about $4 million in the same period 2010, the data shows. Two large manufacturing factories suffered serious damage from fire in March and April.

Last week, industry insiders said they were seeing large increases in fire insurance in Cambodia driven partly in response to the two fires, as well as proof that the Kingdom’s insurance companies were able to make good on the claims.
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Old August 16th, 2011, 06:27 AM   #2
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Life insurance is a very sensitive subject everywhere when it started. But is definitely need as families of the deceased can often suffer serious financial difficulty.

Factory should consider buying life (and disability) insurance for its workers, so in the event of any misfortune, their workers are covered. And it also help kick start the industry.
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Old August 16th, 2011, 06:28 AM   #3
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posted in wrong section
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Old August 16th, 2011, 06:29 AM   #4
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Quote:
Originally Posted by AsianDragons View Post
posted in wrong section
Sorry, I am sure SeeMacau will move it for me to the Serios Talk Section.
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Old August 16th, 2011, 08:41 AM   #5
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Yeah that is really good that government push all sectors to have life insurance.
As you can see on news everyday, that are more accidents : traffic accident, construction accidents, so on.
Government encourage to have life insurance for all sectors.
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Old August 18th, 2011, 08:00 AM   #6
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Indeed, Life Insurance has become another form of savings and it will ensure that the hospitals will ACCEPT you if you have been injured by the serious accidents since hospital bills will be paid for sure.

Furthermore, you can use your payments of the annual life insurance premium to reduce the amount of tax you have to pay to the government but this will apply to the life insurance with the payment period at least 10 years.

For those with low income, they can pay the life insurance premium in a monthly basis but the accumulated rates will be higher compared with the annual payments.

Another insurance will be the automobile to pay to the one you have run over and to pay to you as well as the belligerent party once ther are a dispute on payment. This has become a LAW in Thailand since 1992.

However, the insurance companies MUST have sound financial managements or it will hurt those who pay a premium to insurance companies. Commercial Banks can run the insurance business or becoming the channel to pay insurance premium but Commercial Banks generally have very lousy insurance services to say the least.
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Old August 18th, 2011, 09:06 AM   #7
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Once you open the market, plenty of professional insurance company around the world will enter the market. The existing banks probably don't have the necessary experience.

There seems to be at least 2 type of insurance, one is real insurance, one is actually a saving plan and it provide a life insurance.

Car insurance already exist in Cambodia, I am not sure if it is compulsory.

We need to look at how other developed countries implement it, and develop our model.

To cover for insurance company that goes broke, (even big company can have problem), government may take out a tax/levy for all insurance premium received for safe keeping, and these can be used to cover insurance company that goes bust.
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Old August 18th, 2011, 07:53 PM   #8
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According to Insurance and Assurance Regulation, Insurance companies must deposite the cash at the Insurance Regulation Bureau and need to keep theri convertable assets at the certain levels ... or they will be forbidden from issuing antoehr insurance policy ...Insurance Regulation Bureau will use the deposited cash and liquidable assets to pay back to those insurance customers if the insurance business gone bust.
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Old August 19th, 2011, 03:55 AM   #9
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Has this been set up in Cambodia already?

This is the way to go, customer will need to know they are covered even if the insurance company go bust.

But this is probably not so true for saving plan type of insurance. The saving is probably not recoverable if the company goes bust.
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Old November 18th, 2011, 12:01 AM   #10
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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   #11
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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   #12
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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   #13
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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   #14
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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   #15
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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   #16
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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   #17
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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   #18
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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   #19
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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   #20
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even phnom penh post is breaking the law, remork it is
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