AIA has officially opened its doors in Cambodia as the firm continues its regional expansion.
The insurer announced in March that it had secured a license from the Ministry of Economy and Finance in Cambodia and the latest office of the major insurer was opened in the Cambodian capital last week.
The move represents an important milestone for the business and takes the tally of countries AIA has a presence in to 18.
Ng Keng Hooi, group chief executive and president designate of AIA, said that the firm believes that the ASEAN country offers opportunities for the insurance sector.
“We believe that Cambodia holds great potential as a life insurance market with its young and growing population, solid economic growth, expanding middle class and very low penetration rate of private life coverage,” Hooi said.
In 2016, the Cambodian insurance industry posted record growth figures with gross written premium up by 35.6%. It also has the lowest insurance penetration rate in the ASEAN region, with insurance contributing just 0.35% of the country’s GDP.
With this in mind, Richard Bates, chief executive officer of AIA Cambodia, said the firm will look to boost take-up.
“We view it as our duty to bring as many people as possible under insurance coverage with the aim of providing financial security and peace of mind to Cambodians and their families across generations.”
AIA announces exec changes, record growth
Cambodian insurance industry sees record growth