Logo of Phnom Penh Post newspaper Phnom Penh Post - Etiqa set to insure Cambodians

Etiqa set to insure Cambodians

Content image - Phnom Penh Post
‘Annual losses in some economic sectors are projected to reach hundreds of billions of dollars by the end of the century‘. THE STAR (MALAYSIA)

Etiqa set to insure Cambodians

The insurance arm of Maybank’s Etiqa Group expects to expand its operations in Cambodia next year as the firm’s executives discuss preparations with Cambodian insurance regulators and await approval.

Etiqa CEO Kamaludin Ahmad was quoted by Malaysian business news outlet, the Malaysian Reserve, as saying Etiqa is looking forward to entering Cambodia as discussions with regulators have been very encouraging.

“We intend to offer both general and life insurance, and want to stay for the long term,” Kamaludin said.

He said Etiqa will need to operate with two companies to provide both types of coverage as required by the regulators.

“[It is] unlike in Singapore and the Philippines, [which] allow for a composite licence where one company can do both. But in Cambodia, [companies] need one for life and the other for general,” Kamaludin said.

Besides Malaysia, Etiqa has operations in Singapore, Indonesia and the Philippines.

The Cambodian insurance industry is under the supervision of the Ministry of Economy and Finance under the General Department of Financial Industry. Ministry officials could not be reached for comment on Sunday.

Etiqa’s plans for the Cambodian market will generate stronger competition in the nascent but potentially lucrative market.

Insurance Association of Cambodia (IAC) chairman Huy Vatharo said on Sunday that he received unofficial information about Etiqa’s plans for investment in Cambodia.

Vatharo said the news that more operators want to enter Cambodia’s insurance market is proof that the industry is attractive and has growth potential.

“More players in the market will be good for consumers. It will create good products and services in the insurance industry for the benefit of Cambodians,” Vatharo said.

A recent IAC annual report said the association consists of 11 general insurance firms, seven life insurance firms, and one reinsurance firm.

Life insurance is a relatively new product in Cambodia, first entering the market in 2012. But the industry has grown impressively in terms of gross premiums and the number of operators.

The IAC’s latest data shows that total gross premiums in the insurance industry (general and life) had reached $46.8 million during the first quarter this year – a 30 per cent increase from $36.2 million in the same period last year.

General insurance collected $24.6 million in gross premiums while life insurance received $22.1 million in gross premiums in the first quarter of this year.

MOST VIEWED

  • Kingdom's Covid cluster cases jump to 194

    The Ministry of Health on February 25 confirmed 65 new cases of Covid-19, with 58 linked to the February 20 community transmission. The latest cluster cases include nine Vietnamese nationals, five Cambodians, one each from Korea, Singapore and Japan, with the rest being Chinese. This brings the total number

  • Preah Sihanouk hit with travel ban

    Preah Sihanouk Provincial Administration has announced a temporary travel ban to and from the province, except for ambulances and trucks transporting goods. The announcement came after prime minister Hun Sen called on people in the province to travel only if necessary, and that people not

  • AstraZeneca jabs touch down in Phnom Penh airport

    The first shipment of 324,000 doses of the AstraZeneca/SII vaccine which was provided through the Covid-19 Vaccines Global Access (COVAX) Facility was delivered to Phnom Penh International Airport on March 2. The rest of the COVAX provided vaccines will arrive in Cambodia at a later date.

  • Cambodia's Covid cluster cases rise to 137

    The Ministry of Health on February 24 recorded 40 more cases of Covid-19, with 38 linked to the February 20 community transmission. Of the 40, two are imported cases involving Chinese passengers. The 38 include two Vietnamese nationals and one Cambodian, with the rest being Chinese. This brings the total cases

  • Covid cluster raises alarm, health bodies urge vigilance

    The Ministry of Health and the World Health Organisation (WHO) in Cambodia have expressed great concern over the February 20 cluster transmission of Covid-19 in the community. Both entities appealed for vigilance and cooperation in curbing further spread of the virus. Ministry spokeswoman Or Vandine said

  • Cambodia's cluster cases jump to 259

    The Ministry of Health on February 27 recorded 26 more cases of Covid-19 linked to the February 20 community transmission, bringing the total to 259 in one week. The 26 include three Vietnamese nationals and one Cambodian, with the rest being Chinese. The ministry noted that five of the Chinese