CIM Group gets insurance go-ahead

Sum Manet / Khmer Times No Comments Share:

Cambodian Investment Management Insurance Agent (CIMIA), a majority-owned subsidiary of Cambodian Investment Management, has been granted an insurance agency licence.
 
The licence allows the company to act as an intermediary for one general insurer, one life insurer and one micro insurer – incorporated, licensed and regulated in Cambodia. 
 
The licence is the second obtained by CIM Group this year, following the tax agency licence granted to Cambodian Investment Management Tax Service. 
 
Chairman Anthony Galliano said:  “Since 2012, gross premiums in Cambodia have doubled from $35 million to $70 million. 
 
“The Cambodian insurance market remains underpenetrated, especially in the consumer sector, and we believe there are significant growth opportunities as the economy continues to expand and mature, given the government’s plans to develop the financial sector.” 
 
Chief executive officer Daniel Santantoniou said: “Cambodia’s economy continues to consistently grow at seven percent per annum, the insurance market contributing to economic growth by improving the investment climate and promoting a more efficient mix of activities than would be undertaken in the absence of risk management instruments. 
 
“With increased asset ownership, particularly in real estate and motor vehicles, and a growing demand for affordable health insurance, we anticipate the insurance market will continue to increase at 18 percent compound annual growth rate.” 
 
The company intends to focus on educating the market on the important role insurance plays in risk mitigation and asset protection.CIMIA is a separate company, a majority-owned subsidiary of CIM, and CIMTS is also a subsidiary of CIM.
 
CIM is part of CIM Holdings – the group pursuing financial services licenses for businesses in Cambodia.

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