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New local insurance firm due soon: MEF

Cambodia’s insurance market is to set receive a 12th entrant, after the Ministry of Economy and Finance confirmed yesterday it had approved a new local firm, People & Partner Insurance.

Chhay Rattanak, director of the ministry’s insurance regulator, told the Post yesterday that the general insurance company had been given the green light and just needed to complete some additional criteria in it’s application to be granted a licence.

“The quality of the company’s criteria has been mostly accepted, with just a few extra details remaining,” he said.

“The major criteria required by the ministry have been completed and thus we agreed with them in principle,” he added.

Rattanak could not confirm the exact date that the company would obtain a licence and officially begin operations, but said it would happen “soon”.

The Post could not reach a PPI representative for comment yesterday.

Cambodia’s insurance industry began in 1990 with one general insurance provider, the state-backed Cambodian National Insurance Company.

Today, including PPI, there are 12 insurance companies in the Kingdom – seven in the general insurance sector, three in life insurance and two in micro-life insurance.

According to figures from the Insurance Association of Cambodia, insurance premiums for all general insurance companies reached $39 million in the first nine months of this year, a 16 per cent rise from 2013.

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