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Malaysian insurer gets ministry approval to expand into Cambodia

Malaysian insurer gets ministry approval to expand into Cambodia

The Ministry of Economy and Finance has given Malaysia’s Etiqa Insurance & Takaful the go-ahead to tap into the Kingdom’s market.

The insurer on Thursday said the ministry granted its subsidiaries Etiqa General Insurance (Cambodia) Plc and Etiqa Life Insurance (Cambodia) Plc licences to operate their respective insurance businesses.

The businesses are led by Nazri Wong Abdullah and Clarence Lit as the respective CEO.

Etiqa’s move into Cambodia was spurred on by the vast potential that the Cambodian market has to offer, where an estimated 97 per cent of the population do not own insurance policies.

Currently, Etiqa General Insurance (Cambodia) Plc and Etiqa Life Insurance (Cambodia) Plc offer fire insurance (retail & commercial) and personal accident products which are available via the 21 Maybank branches located across the Kingdom.

Etiqa said additional products such as endowment, term, education, and investment-linked, medical, motor, travel, marine and engineering insurance will also be made available in the very near future.

Etiqa Insurance & Takaful Group CEO Kamaludin Ahmad said: “Etiqa’s aspiration of expanding into Cambodia, which we have nurtured over the past few years, has now been realised.

“As a leading ASEAN insurer across countries such as Singapore, Indonesia and the Philippines, we have been looking forward to bringing Etiqa’s brand promise of ‘fast and easy’ experiences to the people of Cambodia.

“Whether it’s making a purchase, submitting claims, receiving payouts or getting assistance, it will be ‘fast and easy’, while providing customers only the best advice.”

“While insurance penetration in Cambodia is still low, with most of the population without any form of insurance, we target to bring additional accessibility by being among the first to provide online insurance products there,” he said.

THE STAR (MALAYSIA)/ASIA NEWS NETWORK

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