Global insurers expanding in Southeast Asia turn to Cambodia
Two global life insurers are opening offices in Cambodia, one of Southeast Asia’s few untapped insurance markets, as they strengthen their foothold in a region that could eventually be a key driver of revenue growth. Britain’s No. 1 insurer Prudential said on Monday it won in-principle approval from the Cambodian government to open a wholly foreign-owned life insurance operation. The announcement came within a week of Canada’s top insurer Manulife saying it would set up its country office in Phnom Penh. Manulife, which once leaned on Canada and the United States for the bulk of its revenue, now derives a third of its sales from Asia. For Prudential, the region became the largest contributor to its operating profit last year. …
http://uk.reuters.com/article/2012/07/04/cambodia-insurance-pru-manulife-idUKL3E8I32H220120704
