Original report from Phnom Penh
02 December 2009
Post-war Cambodia only saw its first insurance agency in 1990, when the state-owned Caminco opened. Nearly 20 years later, a number of private companies have established themselves, but experts say they still face challenges in a market where few understand the benefits and many can’t afford premiums.
“Compared with other countries, our market is very small, because many people have limited knowledge about this sector,” said Chhay Rattanak, president of the Association of Insurance Companies in Cambodia.
There are seven companies now in the country: the private companies Forte, Asia, Campubank Lonpac, Infinity and Vietnam; and the state-owned Caminco and Cambodia Re.
Each seeks to help people and businesses manage risk, which in turn promotes economic growth. And while the number of insurance customers is increasing—premium payments rose from $8 million in 2003 to $20 million in 2008—only about 1 percent of Cambodians have it.
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