Bangkoklife
Bangkok Life Assurance officially launched a new business in Cambodia
2017-05-02T00:00:00Z
Bangkok Life Assurance Public Company Limited partners with Bangkok Insurance Public Company Limited, PT Asuransi Central Asia from Indonesia and Asia Insurance Company Limited from Hong Kong, jointly held Bangkok Life Assurance (Cambodia) Public Limited Company’s grand opening event on May 2, 2017 at the InterContinental Hotel, Phnom Penh, Cambodia.
The grand opening ceremony of Bangkok Life Assurance (Cambodia) Plc. was attended by the distinguished guests such as Lok Chumteav Nguon Sokha, Secretary of State, Ministry of Economy and Finance. Dr. Suthiphon Thaveechaiyagarn, Secretary General, Office of Insurance Commission, H.E. Mr. Nattavudh Photisaro, Ambassador of the Kingdom of Thailand to Cambodia, Mr. Hiroyuki Nishi, Director and Senior Managing Executive Officer, Nippon Life Insurance Company,Japan.
Mr. Vipon Vorasawharid, Chairman of Bangkok Life Assurance (Cambodia) Plc. said that “Cambodia is a country with great potential. With a population of 15 million people, an economy growing rapidly at 7% per year and a country filled with vibrant culture openness to new ideas and development. Cambodia is a jewel of Southeast Asia. That is the reason why we are here today, to be in the center of growth and also contributing to its bright future. However, as the country develops, prosperity flourishes, but risk or unexpected events that can happen to anyone still remain. That is why life insurance is so important to every individual.” He also stated that “life insurance is not just a financial product to help reduce the financial burden of individuals when unexpected event occurs. It is more than that. It is the ‘True Meaning of Love’. It is when we work hard at our jobs to give the best to our family. It is when parents save money to get the best education for their children and see them graduate from university.It is when a husband wants to make sure that his family can continue to live a happy life, even when he is no longer be in this world. It is how we express our true unconditional love. Life insurance is the answer to happy and confident life. In a world full of uncertainties, Bangkok Life Cambodia is the provider of that answer.”He ended up boldly to ask everyone to join Bangkok Life Cambodia to promote the importance of life insurance and encourage everyone to have a life insurance policy, to live a happier life with fewer worries.
Dr. Suthiphon Thaveechaiyagarn, Secretary General, Office of Insurance Commission (OIC), said that OIC is in great support of Thai insurers with good know-how and strong capacity to invest in the ASEAN region. The joint venture of the 4 companies today is a good example to prove our intention to bring good thing to our neighboring country. He believes that Bangkok Life Assurance (Cambodia) Public Limited Company will become one of the leading life insurers, offering quality life insurance products with excellence in service and coverage for policyholders.
H.E. Nguon Sokha, Secretary of State, Ministry of Economy and Finance said that this special event is an inevitable evident of the Cambodia Royal Government’s efforts through Ministry of Economy and Finance to aid the development and operation of life insurance sector. Bangkok Life Assurance (Cambodia)will operate its business anchor to focus on life insurance for voluntarily private bodies, which aims to provide quality of life and social safety net for Cambodian people.
For the past 5 years, total gross premium for the industry has increased from USD 30 million in 2011 to USD 120 million in 2016, with an average growth of 32% per year. By the end of 2016, there are 7 general insurance companies, 6 life insurance companies, 1 reinsurance company and 7 micro insurance companies. Last year total gross premium was about USD 120 Millionwith 40% increased or equivalent to USD 34 Million comparing withthe year 2015. Non-life insurance is about 69% while life insurance is 31%.
The grand opening ceremony of Bangkok Life Assurance (Cambodia) Plc. was attended by the distinguished guests such as Lok Chumteav Nguon Sokha, Secretary of State, Ministry of Economy and Finance. Dr. Suthiphon Thaveechaiyagarn, Secretary General, Office of Insurance Commission, H.E. Mr. Nattavudh Photisaro, Ambassador of the Kingdom of Thailand to Cambodia, Mr. Hiroyuki Nishi, Director and Senior Managing Executive Officer, Nippon Life Insurance Company,Japan.
Mr. Vipon Vorasawharid, Chairman of Bangkok Life Assurance (Cambodia) Plc. said that “Cambodia is a country with great potential. With a population of 15 million people, an economy growing rapidly at 7% per year and a country filled with vibrant culture openness to new ideas and development. Cambodia is a jewel of Southeast Asia. That is the reason why we are here today, to be in the center of growth and also contributing to its bright future. However, as the country develops, prosperity flourishes, but risk or unexpected events that can happen to anyone still remain. That is why life insurance is so important to every individual.” He also stated that “life insurance is not just a financial product to help reduce the financial burden of individuals when unexpected event occurs. It is more than that. It is the ‘True Meaning of Love’. It is when we work hard at our jobs to give the best to our family. It is when parents save money to get the best education for their children and see them graduate from university.It is when a husband wants to make sure that his family can continue to live a happy life, even when he is no longer be in this world. It is how we express our true unconditional love. Life insurance is the answer to happy and confident life. In a world full of uncertainties, Bangkok Life Cambodia is the provider of that answer.”He ended up boldly to ask everyone to join Bangkok Life Cambodia to promote the importance of life insurance and encourage everyone to have a life insurance policy, to live a happier life with fewer worries.
Dr. Suthiphon Thaveechaiyagarn, Secretary General, Office of Insurance Commission (OIC), said that OIC is in great support of Thai insurers with good know-how and strong capacity to invest in the ASEAN region. The joint venture of the 4 companies today is a good example to prove our intention to bring good thing to our neighboring country. He believes that Bangkok Life Assurance (Cambodia) Public Limited Company will become one of the leading life insurers, offering quality life insurance products with excellence in service and coverage for policyholders.
H.E. Nguon Sokha, Secretary of State, Ministry of Economy and Finance said that this special event is an inevitable evident of the Cambodia Royal Government’s efforts through Ministry of Economy and Finance to aid the development and operation of life insurance sector. Bangkok Life Assurance (Cambodia)will operate its business anchor to focus on life insurance for voluntarily private bodies, which aims to provide quality of life and social safety net for Cambodian people.
For the past 5 years, total gross premium for the industry has increased from USD 30 million in 2011 to USD 120 million in 2016, with an average growth of 32% per year. By the end of 2016, there are 7 general insurance companies, 6 life insurance companies, 1 reinsurance company and 7 micro insurance companies. Last year total gross premium was about USD 120 Millionwith 40% increased or equivalent to USD 34 Million comparing withthe year 2015. Non-life insurance is about 69% while life insurance is 31%.
