Titan Stone Life Insurance Plc, a subsidiary of Titan Stone Group, officially launched in the Cambodian market on Sunday as the industry continues to grow in the Kingdom with 10 life insurance companies now operating.
Lieutenant General Hun Manet, Royal Cambodian Armed Forces’ Army Commander, presided over the official launch and said that Titan Stone Group has heavily invested in Cambodia over recent years.
He said its first major project was the Picasso City Garden, its second the KY iCenter and now the launch of the insurance arm its third major project in the Kingdom.
“This reflects the market potential and confidence of national and international investors for political and macroeconomic stability in Cambodia,” he said.
He said that the insurance industry has been growing and moving forward steadily over the last 10 years with a growing number of operators, including many major international insurers.
“The growth of the industry indicates that the quality of life and knowledge of healthcare in Cambodian people is growing, and with this in mind, they are beginning to think long-term to prevent future risks to themselves and their family members,” he said.
According to the data from the Insurance Association of Cambodia (IAC), at the end of last year, Cambodia had nine life insurance companies with gross premium growing from $100 million in 2018 to $143 million in 2019, an increase of 42.4 percent.
In December, Grand China Life Insurance Plc partnered with Chief (Cambodia) Commercial Bank Plc to develop Cambodia’s insurance sector, encouraged by rising awareness of the importance of life insurance plus growing disposable income.
Lt Gen Manet said the government has always viewed investment and business in the private sector as the engine of economic growth and vital to the development of the country.
“We thank all investors who have chosen Cambodia as their investment destination, and continue to invest more to maximise the benefits of the peace, political stability and macroeconomics that Cambodia has,” he said.