Forte Insurance, a leading general insurance company in Cambodia, officially launched the region’s first online travel insurance product. Officials and insiders said the product is to serve the growing number of Cambodian outbound tourists.
Data from Ministry of Tourism showed the number of outbound tourists rose more than 10 per cent last year to 792,398 from 709,616 a year earlier.
Youk Chamroeunrith, Forte Insurance general manager, told the Post yesterday that the online product had been introduced to the Cambodian market last week in order to give more convenience and easy service to customers.
“Travel insurance is not a new product for the insurance industry, but online [travel insurance] is quite new. Even our neighbouring countries do not provide it yet,” he said.
Chhay Rattanak, chairman of the General Insurance Association of Cambodia (GIAC) recognised the online launch would benefit customers. “It is the first [product] in Cambodia’s insurance industry as it usually is provided by foreign companies outside our country,” he said.
“It is very good, because more and more people are travelling abroad and the demand is increasing,” he said.
Rattanak added that for those who wish to travel to Europe then travel insurance is required. “It is compulsory. If they don’t buy it, their visa will not be provided,” he said.
Chamroeunrith said his company would consider providing more online products in the future. “We decided to launch this product first because it meets the demand of the consumer market. Other commercial products, we will work on later,” he said.
According to data from GIAC the industry’s premium revenue rose more than 20 per cent year-on-year, reaching $36 million in 2012.