Malaysia’s leading Insurance and Takaful Company Etiqa has started operations in Cambodia, allowing the local people to experience a fast and easy way to get insured. Etiqa has entered the Kingdom upon seeing the vast potential the local market has to offer, with 97% of the Cambodian population currently uninsured.
Etiqa will offer fire insurance, both retail and commercial, and personal accidents cover via the 21 Maybank branches located across Cambodia. Looking toward the future Etiqa is also planning to offer endowment, term, education, and investment-linked, medical, motor, travel, marine and engineering insurance.
In a joint statement between Nazri Wong Abdullah, CEO of Etiqa General Insurance (Cambodia) Plc and Clarence Lit, CEO of Etiqa Life Insurance (Cambodia) Plc said, “Etiqa is a leading Asean insurer serving consumers across Malaysia, Singapore, Indonesia & the Philippines, and now Cambodia. As a leading regional player in the industry, we feel that it is Etiqa’s responsibility to share with all Cambodians that unexpected events do happen and it’s important to have protection. Without protection, you and your loved ones will not only struggle emotionally, but be burdened financially as well”
In addition, “The Etiqa brand promise has always been about providing the best advice to suit the lifestyle and needs of the consumer and delivering fast and easy experiences throughout the consumer journey, which includes making purchases, submitting claims, receiving payouts and getting assistance. We look forward to bringing this revolutionary promise to the Kingdom to serve all Cambodians.”
The insurance sector in Cambodia has experienced tremendous growth over the last five years with total premiums increasing on average 35 percent a year over the period.
Huy Vatharo, chairman of the Insurance Association of Cambodia, said recently “the insurance market in Cambodia is growing rapidly and playing a bigger role every year in the country’s economic development.”