International life insurer AIA has noticed that the financial market in Cambodia is growing fast, with the introduction of a bond and an equity market, so it will also focus on this area in the near future, Mr Richard Bates, CEO of AIA Cambodia, told Khmer Times in an interview.
“As we have seen in other countries, when developments happen at such a fast pace, we can develop insurance products for more sophisticated sectors, with risk protection at the centre of our offer, but with high returns,” he said.
Mr Bates also said, “The life insurance sector here in Cambodia is very vibrant and there are lots of opportunities. Cambodia is a fast growing economy with a young population. There is also a growing demand for healthcare and health services in the country. This is a perfect combination and makes a good mix for a robust life insurance industry.”
Life insurance in Cambodia is just five years old, so it’s still a fledgling market with few players.
Commenting on the state of the life market, he said, ”I think the life insurance market in Cambodia is following a journey typical of what we’ve seen in a lot of other Asian markets. In the first stage of development, people begin to understand the purpose and benefits of insurance in general, and then of life insurance specifically. Then they start to comprehend how we can help them and their families.
AIA, which entered Cambodia last year, is currently offering its core products in the country.
“This will help people understand what life insurance does and how it can help them,” said Mr Bates. “We will look at other developed markets where we have sold our products successfully, and we will bring them here at some point when the market is ready. We will take best practices from other markets and we will implement them here, like we have been doing since we launched.”