Logo of Phnom Penh Post newspaper Phnom Penh Post - Titan Stone joins growing insurance industry in Kingdom

Titan Stone joins growing insurance industry in Kingdom

Titan Stone joins growing insurance industry in Kingdom

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.


  • Thailand offers Covid-19 funding

    The Royal Embassy of Thailand contributed two million baht ($62,765) to Cambodia’s fight against Covid-19 on Wednesday, as the countries celebrated 70 years of diplomatic relations. The donation was presented by Thailand’s Ambassador to Cambodia Panyarak Poolthup to Prime Minister Hun Sen at a meeting

  • Crowded prisons will set free 10,000 inmates

    Close to 10,000 prisoners will be freed as part of the country’s anti-prison overcrowding campaign, Minister of Interior Sar Kheng announced on Wednesday. The bulk of the inmates have mostly served their sentences and will continue to be monitored by local authorities after their release

  • Sanctuary head sued for not stopping forest occupations

    Four Bunong and an Adhoc official filed a joint lawsuit against Keo Seima Wildlife Sanctuary head Prum Vibol Ratanak at the Mondulkiri Provincial Court for failing to stop illegal land occupation and the buying and selling of forest land. Vibol Ratanak denies the allegations against

  • US and Cambodia talk cybersecurity ongoing assistance

    US Ambassador Patrick Murphy met with Minister of Interior Sar Kheng on Wednesday to discuss bilateral collaboration including on issues of civil society organisations and democracy in Cambodia. But cybercrime seemed to be the prevailing topic at the meeting. Murphy posted on Twitter: “Productive meeting

  • UN: Don’t let patent rows hamper virus vaccine

    The UN patent agency has hailed the push to create a coronavirus vaccine and make it globally available but warned against allowing copyright rows to overshadow and delay the process. “What we need in the first place here is innovation,” said Francis Gurry, the head

  • ‘Be vigilant on human trafficking’

    Minister of Interior Sar Kheng on Wednesday urged provincial authorities along the border to remain vigilant against the transportation of Cambodian migrant workers into Thailand. Speaking during an annual meeting of the National Committee for Counter Trafficking (NCCT), he said despite the closure of the