Cambodian Investment Management Insurance Agent (CIMIA), a majority owned subsidiary of Cambodian Investment Management (CIM), 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, reported Khmer Times.
CIM Chairman Anthony Galliano said: “Since 2012, gross premiums in Cambodia have doubled from US$35 million to $70 million.
“The Cambodian insurance market remains under-penetrated, 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.”
CIMIA CEO Daniel Santantoniou said: “Cambodia’s economy continues to consistently grow at 7% 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% 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.