Newa Insurance (Cambodia) Plc, a joint venture of local investors and Japanese-owned Tokyo Marine Group, was officially launched Sunday, joining Cambodia’s fledgling insurance sector.
Speaking at the launch, Ly Khunthay, Newa’s chairman, said the company will aid national growth and provide much-needed insurance services to the Cambodian people.
“The country’s very stable political situation and strong economy has allowed us to bring this team of professionals with regional and international experience to the country.
“We believe our firm will be well received by the Cambodian people as our goal is to increase their financial security,” he said.
Youk Chamroeunrith, Forte Insurance managing director, told Khmer Times that Newa’s interest in Cambodia proves that the local insurance sector is becoming more attractive to international investors.
“This is a good sign. It shows that our market is very attractive and recognised by regional and global players.
“However, the presence of so many players in such a small market makes it a very tough and competitive industry,” he said.
According to Mr Chamroeunrith, Cambodia now has 15 general insurance companies, with total market capitalisation equaling more than $100 million. He said the industry is growing at an average of 15 percent every year.
The Cambodian general insurance market grew by 14.5 percent during the first three months of the year, with gross premiums amounting to $24.6 million, according to the Insurance Association of Cambodia’s latest report.