Logo of Phnom Penh Post newspaper Phnom Penh Post - Insurance deal with Korean airline a first

Insurance deal with Korean airline a first

Insurance deal with Korean airline a first

111118_09
Skywings Asia Airlines managing director Steve Kim (left) shakes hands yesterday with Cambodia-Vietnam Insurance chief executive Cao Minh Son in Phnom Penh.

Korea-based Skywings Asia Airlines yesterday bought aviation insurance from Cambodia-Vietnam Insurance, becoming the first foreign-owned company to hold a Cambodian air insurance policy.

Steve Kim, managing director of the airlines, said yesterday that CVI’s good performance with other airlines had led to the decision to co-operate with the company.

“They insure other airlines so we can trust them,” Kim said in Phnom Penh.

CVI insures Helistar and Cambodia Angkor Air, both of which are Cambodian-owned firms, CVI CEO Cao Minh Son said yesterday.

He said the aviation is a large industry in the Kingdom and offers potential in the way of insurance. Concerns about CVI’s ability to cover air disasters has led foreign-owned airlines away from purchasing Cambodia’s aviation insurance Chhay Rattanak, General Insurance Association of Cambodia chairman, said yesterday.

“[Foreign airlines] mainly buy insurance abroad because they think we don’t have enough capacity to repay on insurance claims,” he said.

The CVI is a join-venture investment between Vietnamese shareholders and two local Cambodian firms.

MOST VIEWED

  • Hun Sen’s China visit ‘a good opportunity’

    Prime Minister Hun Sen’s visit to Beijing on Sunday to discuss economic and trade issues presents a good opportunity for the Kingdom to strengthen Chinese ties and counter punitive measures by the West, an analyst says. The prime minister’s four-day official visit to

  • Former chief bodyguard receives royal pardon

    The former chief bodyguard of late Senate president Chea Sim has received a royal pardon nearly eight years after he was sentenced to 15 years behind bars on several charges, according to a royal decree dated November 12, last year, and obtained by The Post on Wednesday.

  • Close to the edge: Hair raising pictures from Kulen Mountain

    A new hair raising attraction on Kulen Mountain has finally opened to the public, with people flocking to the protruding cliff edge overlooking green mountainous forests to take photographs. The giant overhanging rock is situated in an area known as Mahendraparvata – an ancient city of

  • US warned not to interfere despite successful meeting

    A senior Ministry of National Defence official said the Tuesday meeting between the US Deputy Assistant Secretary of Defence for South and Southeast Asia Joseph H Felter and General Neang Phat had helped strengthen relations between the two countries’ militaries. However, a senior Cambodian People’