Pan-Asian insurer
AIA Group has expressed optimism about its prospects in Cambodia a few months after it opened its first office in the country as part of its regional expansion efforts.
Ng Keng Hooi, chief executive officer and president of AIA, told the media in Hong Kong that the company sees great potential in Cambodia, despite low insurance penetration in the country compared to its neighbours.
According to Ng, AIA’s presence in the Cambodian market indicates that the sector is maturing. Even if AIA has yet to roll out its entire array of products and services, the market is showing positive signs for future growth, highlighted by the country’s young and dynamic labour force.
“Cambodia is not yet a highly attractive market for AIA. While the country is not a priority at the moment, we are investing in it because we believe it has great potential,” Ng was quoted by the
Khmer Times.
“The insurance industry in Cambodia is growing in line with the rest of the economy. The excitement and ambition of young Cambodians assures me that the economy will continue to grow in the long run,” he added. “We want to be part of that growth, and we want to contribute to the prosperity of the country.”
According to Huy Vatharo, president of the Insurance Association of Cambodia, for the first quarter of 2017, premiums of the life insurance sector grew to US$8.9 million from US$4 million the previous year, marking a 122.5% increase year-on-year.
Meanwhile, the general insurance sector grew to US$20.3 million in the same period, a 20.3% increase.
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