Cambodia’s Ministry of Economy and Finance has granted a business licence to Etiqa Insurance & Takaful, a leading insurance provider in Malaysia, paving the way for the firm to tap into the Kingdom’s nascent insurance market, the company announced.
Etiqa is an arm of Malayan Banking Bhd (Maybank), a leading banking group in Cambodia that has operated here for about 25 years.
Etiqa will offer fire insurance, both retail and commercial, and personal accident cover via the 21 Maybank branches across Cambodia. Looking toward the future, Etiqa is also planning to offer endowment, term, education, investment-linked, medical, motor, travel, marine and engineering insurance.
Etiqa has obtained licences to operate both general and life insurance, These two businesses are managed by Nazri Wong Abdullah and Clarence Lit mandated as chief executive officers, respectively.
Cambodia will be the fourth country in Asean – followed by Singapore, Indonesia and the Philippines – where Etiqa has expanded its footprint in the region outside its territory – Malaysia.
Also, it will be the second Malaysian insurer to do so after Campu Lonpac Insurance Plc, a joint-venture of Cambodian Public Bank Plc, Public Bank Berhad and LPI Capital Bhd in Malaysia. The Malaysian-based Public Bank Group expanded into general insurance business in Cambodia through Campu Lonpac Insurance since 2007.
Kamaludin Ahmad, Group CEO of Etiqa Insurance & Takaful, was quoted as saying that as a regionally leading Asean insurer, the company has been looking forward to bringing Etiqa’s brand promise of “fast & easy” experiences to the Cambodian people.
“Whether it’s making a purchase, submitting claims, receiving payouts or getting assistance,” local media quoted him.
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