Dai-ichi Life Insurance, a subsidiary of Dai-ichi Life Holdings, officially launched operations in Cambodia during a ceremony held yesterday at Rosewood Phnom Penh.
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Created in 1902 and based in Tokyo, the company says it will be the first Japanese life insurer tapping into opportunities in the Kingdom.
Allen Thai, CEO of Dai-ichi Life Insurance in Cambodia, said the Kingdom is the eighth country where the firm has expanded, following Vietnam, Thailand, Indonesia, India, Japan, Australia, and the United States.
“The company has injected over $37 million into the office in Phnom Penh”, Mr Thai said at the ceremony, adding that Cambodia has great potential due to its stable economic growth.
“We provide long-term financial protection tailored to Cambodians’ needs,” he said, adding, that they focus on life insurance.
“It has been brought to my attention that the insurance industry here, life insurance in particular, keeps growing, although the industry is still in its infancy,” he said.
Mr Thai said he is confident the company will be successful in the local market, helping the industry develop, contributing to national economic growth, and creating jobs.
“The company employs about 70,000 people and serves 11 million customers around the globe,” he said. “Here in Cambodia, we are planning to employ 100 locals.”
At the ceremony, the Japanese insurer signed a partnership with Vattanac Bank, which will allow the bank to provide life insurance services to its customers.
Last year, Cambodia’s insurance market saw a 30-percent growth in premiums, according to the Insurance Association of Cambodia (IAC), who said the growth was mostly driven by life insurance sales.
“With more Cambodians understanding the benefits of insurance, I have no doubt that the industry will achieve strong growth in 2019 and in years to come.” IAC chairman Huy Vatharo said in IAC’s latest report.
As of last year, there were 12 general insurance companies and eight life insurance firms operating in the country.
IAC reported an annual compound average growth rate of 15.7 percent for general insurance and 120.55 percent for life insurance between 2013 and 2018.