CVI just celebrated their 8-year anniversary of operating in Cambodia. CVI is a joint venture between four shareholders: BIDV (Bank for Investment and Development of Vietnam), Kasimex Co., Ltd. GID (Goodness Investment and Development Co., Ltd.), and DID (Diamond Island Development Co., Ltd.) and currently ranks in the top 5 of general insurance companies among 10 non-life insurance companies operating in a market which provides aviation and other general insurance products (Property, Motor Vehicle, Healthcare, Personal Accident, Rubber, Construction, public liability, Marine Cargo….).
Nguyen HuyTrung, CEO of CVI, spoke to The Post about the company and the industry. 2017 continued to mark another successful year for CVI, with a strong growth rate in premium revenue of approximately 20%. This rate strongly outperformed the average growth rate of the entire Cambodian insurance market, especially for aviation insurance, in which CVI has reinforced its leading position with a market share of about 90%. For more than 8 years, CVI has run its business successfully and has stood at the top of the market as an innovative leader in the aviation insurance sector.
“We currently insure more than 10 registered airlines in Cambodia such as Cambodia Angkor Air Co., Ltd., Sky Angkor Airlines Co., Ltd., Cambodia Bayon Airlines, Helistar (Cambodia) Co., Ltd.,... and some other new airlines just registered in Cambodia in 2017. CVI provides comprehensive insurance coverage solutions to our aviation clients such as Airline/Aircraft hull and liability, crew members, passengers, Aircraft Spare Engine, loss of license, so on.”
With tourist numbers reaching all-time highs in Cambodia, more airlines are expanding their business into the Kingdom. As more airlines make their way to the Kingdom, access to insurance will be vital to their success. They need qualified insurance company such as CVI to ensure successful business plans and provide Aviation Insurance Services to address potential market growth and the expansion of airline companies. CVI fully meets clients’ requirements in all different stages of the relationship.
The key factors contributing to the success of CVI in this sector are personnel and our high standard of services.
“We have professional teams with strong experience and expertise especially for the aviation business. Besides that, we also have strong relationships and networking with world leading reinsurers, international reinsurance brokers who can provide CVI with strong support and capacity for this business, fast & convenient services for clients, and trustworthiness,” Trung said.
The Cambodian insurance market shows such potential for growth in the years to come thanks to the strong economic development. The insurance penetration ratio of 2016 for non-life insurance is 0.35% according to the Insurance Association of Cambodia (IAC). Furthermore, the government has recently paid more and more attention to the industry by creating the legal framework with new laws and regulations to promote the insurance industry toward strong and sustainable development.
“With favorable market conditions and a long-term strategy to become a top ranking company in the market, we strongly believe for the rapid growth of CVI and sustainable development in the coming years of the market as well,” he said.