Logo of Phnom Penh Post newspaper Phnom Penh Post - Amret MFI gets approval to offer insurance policies

Amret MFI gets approval to offer insurance policies

Chea Phalarin, CEO of Amret Microfinance Institution, at his office in Phnom Penh.
Chea Phalarin, CEO of Amret Microfinance Institution, at his office in Phnom Penh in 2014. Moeun Nhean

Amret MFI gets approval to offer insurance policies

Amret Microfinance Institution on Monday announced it has partnered with insurance firm AIA to offer insurance policies to its customers after receiving approval from the National Bank of Cambodia and Ministry of Economy and Finance.

According to a joint statement from Amret and AIA (Cambodia), the local subsidiary of the pan-Asian insurance giant, Amret will begin offering its more than 400,000 customers access to AIA's life and major illness insurance policies.

"Now we can further enhance financial security for our customers through AIA Cambodia's life insurance solutions" Chea Phalarin, Amret's CEO, said in the release.

The first life insurance company entered Cambodia in 2012, and the sector has seen strong growth since then. Last month, the Nikkei Asian Review reported that Japanese insurance firm Dai-icihi Life Holdings was planning to expand into the Kingdom with over 100 staff members this year.

MOST VIEWED

  • Man Covid-19 positive after Thailand trip

    The Ministry of Health on Saturday reported the third Covid-19 case in less than two weeks, bringing the total to 125. The man, a 26-year-old from Tbong Khmum province's Tbong Khmum district, arrived at the O'Beichoan border checkpoint in Banteay Meanchey province on Thursday. He is

  • Kingdom's GDP growth to narrow -1% to -2.9%, World Bank says

    The World Bank expects further recoil on Cambodia’s gross domestic product (GDP) growth to between minus one per cent and minus 2.9 per cent for 2020 as its main growth drivers – tourism, manufacturing exports and construction – take a beating due to Covid-19, its latest economic update

  • Vietnam: Tougher sentences for child abusers

    Several National Assembly (NA) deputies in Vietnam are calling for tougher penalties to be handed down to child abusers. They hope stricter punishments will act as a strong deterrent to prevent offenders committing further offences in the future. Extreme measures such as chemical castration were

  • Central bank to shun small US banknotes

    The National Bank of Cambodia (NBC) is considering not accepting smaller denominated US dollar banknotes – $1, $2 and $5 – from banks and microfinance institutions (MFIs) which it said are flooding its stockpile as the demand for those notes is low. While some banking insiders welcomed the move as

  • PM lauded in Covid-19 fight

    World Health Organisation (WHO) director-general Tedros Adhanom Ghebreyesus sent a letter to Prime Minister Hun Sen thanking him for following the WHO’s guidance and commending Cambodia’s efforts in the fight against Covid-19. In his letter made public by the Ministry of Foreign Affairs

  • Workers return, hope for salaries

    More than 600 factory workers in the capital’s Chaom Chao commune in Por Sen Chey district returned to work after the factory’s owner promised to pay their salaries in instalments until the middle of next month. On Tuesday and Wednesday, more than 600 workers gathered