Logo of Phnom Penh Post newspaper Phnom Penh Post - Insurance institute to boost skills in Kingdom

Insurance institute to boost skills in Kingdom

Insurance institute to boost skills in Kingdom

7 infinity insurance

An insurance training centre is being planned in Cambodia to develop local expertise lacking in the Kingdom’s nascent insurance industry.

The institute hopes to offer diploma courses to industry leaders here so they in turn will be qualified to provide insurance training to others, such as their own staff, said Chhay Rattanak, chairman of the Insurance Association of Cambodia (IAC), the representative body for the Kingdom’s nine insurance companies.

The classes would be accredited by the Malaysian Insurance Institute (MII), a non-profit organisation that provides insurance training. Companies that face problems hiring qualified locals would benefit, because currently “not many people know about insurance, and some students want to study it, but do not know where to go to”.

IAC and MII are currently finalising details for the training centre, said Chhay, who expects the memorandum of understanding to be signed between the two organisations this year. He declined to reveal the fees involved and the types of course to be offered.

Currently, insurance training is done overseas or under existing programs organised since 2005 between MII and Forte Insurance, Cambodia’s largest insurance company.

Forte’s general manager Youk Chamroeunrith said that while his company’s degree programs are open to all, the locals they have trained so far – more than 30 in all – are all Forte staff members, perhaps because “we are all competitors”.

With the planned training centre possibly attracting students from other companies as well, the industry will grow faster, he said.

Although some universities offer insurance-related classes, the scope of coverage is scant, he said. “I look at the syllabus and I shake my head.”

MOST VIEWED

  • EU parliament’s 13-point vote to decide on possible sanctions

    The European Parliament is due to vote on Thursday on a 13-point resolution on Cambodia – which includes a call for the treason charges against bailed opposition leader Kem Sokha to be dropped – a threat that could see the EU enforce a range of sanctions against

  • Government hits back at threats to pull EBA, suspend UN seat

    The spokesman for the ruling Cambodian People’s Party (CPP) has said the government is in no way concerned after the European Parliament gave it three months to reverse what it called the “systematic repression of the political opposition”. Ignoring the ultimatum could mean facing

  • Sar Kheng: Sokha requested security

    Interior Minister Sar Kheng on Sunday revealed the story behind the transfer of former opposition party leader Kem Sokha from Trapaing Phlong prison in Tbong Khmum province to his house in the capital. Speaking at the ruling Cambodian People’s Party (CPP) headquarters in Prey

  • PM vows to ‘protect’ Chinese interests

    Prime Minister Hun Sen on Tuesday told Chinese companies investing in Cambodia not to worry about contract cancellation in the Kingdom. Speaking at a roundtable meeting with business executives in China as co-chair of the China-Asean Expo, the prime minister told six Chinese conglomerates with