Hong Kong insurer launches business in Kingdom

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Hong Kong-based multinational insurance company FWD Group officially launched its insurance business in Cambodia on September 29. SUPPLIED

Hong Kong-based multinational insurance company FWD Group on September 29 officially launched its insurance business in Cambodia to cash in on the burgeoning demand, as part of the company’s strategy to expand into 10 markets across Asia.

The company lauded its debut in the Kingdom as another landmark in its growing regional presence, saying the move underlines its commitment to become a leading pan-Asian insurer by changing the mindset around insurance and delivering fresh and innovative experiences for customers.

 

FWD group CEO Huynh Thanh Phong said Cambodia has quickly evolved into one of Southeast Asia’s most vibrant and dynamic economies.

“We see vast opportunities to bridge the protection gap and provide financial security to the people of Cambodia and I’ve no doubt our new team here will succeed in changing the way Cambodians feel about insurance,” Phong said.

FWD Cambodia CEO Rotha Chan said the firm will draw on its experience in Asia to bring novel technologies and insight to the table and contribute to the development of the Kingdom’s insurance industry.

“We would like to deeply thank the Insurance Regulator of Cambodia for their warm welcome, guidance and trust in us, especially for providing a good regulatory framework that we believe will allow FWD Cambodia as well as the whole industry to prosper.

“The future for FWD and Cambodia is very bright and I’m confident we can achieve great success together as a team and show Cambodians a new kind of insurance that can inspire them to celebrate living,” he said.

The insurance sector in Cambodia earned about $85 million in gross written premiums in the first quarter of this year, increasing by 16.3 per cent year-on-year, according to the Insurance Association of Cambodia (IAC).

 

Of that, general and life insurance premiums came to $39.1 and $44.6 million, respectively, surging by 19.5 per cent and 15.5 per cent year-on-year, and accounting for 46 per cent and nearly 53 per cent of the total.

Micro-insurance premiums were to the tune of $1.2 million, down by 26.7 per cent year-on-year, and accounted for just 1.4 per cent of the total, the IAC said.

The insurance sector paid out around $11.3 million in claims over January-March, with general, life and micro-insurance accounting for $9.1, $2.1 and $0.2 million.

As of March 31, there were nearly 1.2 million active policies, categorised as “general” (510,000), “life” (380,000) and “micro-insurance” (280,000).

IAC said it currently comprises 33 insurance companies – 16 general insurers, 11 life insurers, five micro-insurers and one reinsurer.