Prévoir News

Insurance to be Cambodia's next emerging market

Cambodians are starting to learn about insurance, thanks to Canadian company Manulife, which held a press conference on the topic on Friday.

Low awareness and a limited pool of skilled talent are challenges facing insurers in Cambodia according Prudential representative Pankaj Banerjee.

Despite this, he said Prudential viewed Cambodia as an emerging market.

Insurance For The Poor

Solene Favre, CEO of PKMI stands in front of the PKMI office in Phnom Penh. Photograph: Anne Renzenbrink/Phnom Penh Post

Insuring life, health or property has mostly been unattainable for the average Cambodian. With a third of the population living below the national poverty line and 80 per cent abiding in rural areas, money is spent anywhere but long-term investments.

Cambodia’s First Micro-Life Insurance Firm Opens

Previor Kampuchea Micro-life Insurance Plc (PKMI), a subsidiary of Groupe PREVOIR (GP), officially became the first micro-life insurance company in Cambodia when it opened last Friday.

Keat Chhon, the minister of economy & finance, said the company’s offer is a milestone towards helping Cambodians in low-income, rural areas.

Micro-Insurers Confront Obstacles

When Hoy Lean-gkheav needed surgery last summer, the US$500 bill for her seven-day stay at Calmette Hospital was less of a burden than it might have been a month before. That’s when she took the leap and purchased something she had never heard of:  micro-insurance.

Heng Chivoan/Phnom Penh Post
Farmers harvest and bag rice in Battambang province’s Koas Krala district.

First micro-insurer launches in Kingdom

PREVOIR Kampuchea Micro-life Insurance Plc has launched as the first service of its kind in Cambodia, targeting the country’s lower-income demographic, according to government and company officials.

The Ministry of Economy and Finance issued a licence to PKMI, a subsidiary of French insurer Groupe PREVOIR, in October, and the company opened a Phnom Penh office in October, according to PKMI representative Chou Ngeth.

“We see that Cambodia has quite a lot of potential,” he said, given that micro-insurance is an as yet untapped market.