By Sar Synat
June 4th, 2014: Representatives from six different committees across Cambodia came together to put on an event entitled, “The Benefits of Insurance”. The representatives from the aforementioned committees were as follows: Mr. Mey Vnn, General Director of Financial Industry Department of the Ministry of Economics and Finance; Mr. Bou Chanphirou, Head of Department of Insurance and Pension; Mr. Oeurn Chanvisoth, from the Security of Cambodia Insurance Association; Mr. Pankaj Banerjee, Chief Executive Offi cer of Prudential Cambodia Plc; Mr. Yuk Chamroeurnrith, General Director of Forte Insurance; Mr. Gustaf Agratson CEO of small MILVIK Insurance; and Mr. Men Ru, Program Manager of Health Insurance Association of Insurance Operation.
Although the insurance market in Cambodia is still quite small, more Cambodian people are recognizing the importance of insurance for the health and wellbeing of citizens and businesses. Despite the small size of the market, it is clear that the insurance industry is rapidly growing. According to the Cambodia Insurance Market Report, first quarter claims from 2013 totaled $309,197 USD where as claims from the first quarter of 2014 totaled $1,081,436 USD.
Mr. Men Ru spoke about the Community Based Health Insurance program aimed at improving access to health care specifically for women and children and rural, low income families. The conference was concluded with a discussion about the importance of insurance to protect your family’s future, protect investments in the economy and provide a safety net to cope with crises, especially for middle to low income customers.
