Sunday, September 09, 2007
Insurance firms see healthy growth
"Insurance is viewed as an essential product for a well-functioning financial market. But Cambodia's insurance industry has had a stuttering start. Cambodia's current crop of insurers is small. As the government plans to introduce, among other advances, a Cambodian stock market, new insurance carriers are undoubtedly to be welcomed.
Cambodia's 'open, friendly investment policy' means there are few barriers towards setting up business in the country. The total insurance market in , estimated to be worth less than $8 million in 2004, has now grown to $15 million and is expected to increase rapidly as its
potential is realized. But companies may find it difficult breaking into the personal insurance market. Until the last couple of years, not many individuals had bank accounts. The perception is that insurance is an expensive luxury product."