Malaysian insurer Etiqa is looking to expand into Cambodia next year, with its executives already talking to regulators and awaiting approval.
Kamaludin Ahmad, Etiqa’s CEO, said that the firm is looking forward to entering Cambodia and that talks with regulators are progressing well, the Malaysian Reserve reported.
“We intend to offer both general and life insurance, and want to stay for the long term,” Kamaludin said. However, this will require Etiqa to work with two different local companies, due to regulatory requirements.
According to Kamaludin, Cambodia requires separate licences for general insurance and life insurance, unlike in other markets that Etiqa operates in, such as Singapore and the Philippines.
Meanwhile, Insurance Association of Cambodia (IAC) chairman Huy Vatharo said that he has already heard about Etiqa’s plans to enter the market.
“More players in the market will be good for consumers,” Huy told the Phnom Penh Post. “It will create good products and services in the insurance industry for the benefit of Cambodians.”
The IAC is composed of 11 general insurers, seven life insurers, and one reinsurer, according to its recent annual report.