Cambodia Life takes long view approach

A new, government-owned life insurance company aims to provide a safety net for Cambodian families, according to In Meatra, director-general of the Cambodia Life Insurance Company Plc.

Located on the 21st floor of Canadia Tower, Cambodia Life opened on May 21 and has 23 employees.  “Cambodia Life belongs to the government. We will not go away. We totally guarantee to pay, and we will stay forever in Cambodia. We will not run away. This is the government reputation,” In Meatra said. … In Meatra’s appointment by the Ministry of Economy and Finance in January as Director General of Cambodia Life came as the culmination of a long process of developing Cambodia’s legal framework for insurance.  The government began preparing for a legal insurance structure for Cambodia in 2007 with a feasibility study.  The work was delayed by the economic crisis of 2008, but by August of that year the government had issued a prakas (law) on life insurance. … Cambodia Life is a joint venture with PT Asuransi Central Asia of Indonesia holding 25 per cent; Asia Insurance Company Limited of Hong Kong holding 8 per cent; Bangkok Life Assurance Public Company Limited of Thailand with 8 per cent and Bangkok Insurance Public Company Limited of Thailand, also with 8 per cent. The Cambodian Government’s Ministry of Economy and Finance holds 51 per cent of the joint venture. …

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