Subscribe Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Japanese insurer opens new representative office

Japanese insurer opens new representative office

Japanese insurer opens new representative office

Japanese insurer Tokio Marine & Nichido Fire Insurance Co has opened a representative office in Phnom Penh to explore the insurance market in Cambodia and offer its non-life insurance products to Japanese companies operating in the Kingdom through referrals by its affiliated local insurers, according to a company press release.

The insurer said the new representative office in the capital would be used to collect information on Cambodia’s insurance market, which has been expanding steadily as a result of the country’s rapid economic growth.

Low labour costs
It added that with the improvement of infrastructure in industrial parks many Japanese firms were investing in and expanding their operations in Cambodia, leveraging the country’s relatively low labour costs.

“We will continue to research the insurance market in Cambodia through this office hereafter, as well as deliver safety and security to customers, mainly Japanese companies by offering insurance products and service through referral of affiliated companies,” the company’s press release said.

Youk Chamroeunrith, managing director of Forte Insurance, who said his firm is a referral partner for Tokio Marine & Nichido Fire Insurance, said that the Japanese insurer’s decision to establish a local representative office would provide better customer services to its potential customers, mainly Japanese manufacturers.

Building trust
“It is good to have a Japanese insurer coming to provide information and consultancy about insurance information to Japanese investors in Cambodia,” he said.

“It will build more trust for existing Japanese companies, and for us it is good to partner with them to provide insurance products.”

According to the Insurance Association of Cambodia (IAC), the Kingdom’s seven general insurance companies reported a total premium of $21.6 million during the first quarter of the year, up 6.3 percent compared to the same period a year earlier.

A government official with knowledge of insurance regulation said yesterday that insurers did not require an operating licence if they only intend to establish a representative office.


  • Australians protest Asean summit visit by PM Hun Sen

    Hundreds of protesters gathered in Sydney’s Hyde Park on Friday to protest against Cambodian strongman Hun Sen, who claimed to have been gifted millions of dollars by the Australian government ahead of a special Asean summit this weekend. An estimated 300 protesters, the majority of

  • American ‘fugitive’ arrested in Cambodia outside of US Embassy

    An American citizen was arrested on request by the US Embassy in Phnom Penh on Tuesday, according to Cambodian police. Major General Uk Hei Sela, chief of investigations at the Department of Immigration, identified the man as American Jan Sterling Hagen, and said he was

  • One Australian, one Cambodian killed in explosion at military base

    Updated: 5:20pm, Friday 16 March 2018 An Australian tourist and a Cambodian soldier were killed in an explosion on Thursday afternoon at an army base in Cambodia’s Kampong Speu province. The Australian, whom the government initially identified as a technical demining expert in his 40s, and

  • Peeling back layers of prehistory in Battambang

    When the man passed away, he had not yet reached 50. He belonged to a tribe that had settled near the Sangker River in Battambang province, likely cultivating the fields and raising animals. On the side, they hunted for boars, and even turtles, one of which