Bancassurance Operation on Rise in Cambodia

Selling of life insurance and other insurance products and services by banking institutions, called Bancassurance, has seen remarkable rise.

Insurance sold at banks and microfinance institutions has significantly increased, thanks to efforts of regulators in making the sector secure and people's awareness of insurance.

The rise was credited to good coordination among insurers, banks and microfinance institutions � according to Ms. Hor Sovathana, Deputy Director of Insurance and Pension Department at the Ministry of Economy and Finance.

Since the establishment of life insurance products and services in 2012, the sector is playing an increasing role in domestic financial system, she highlighted during an official signing of Bancassurance partnership agreement between AIA Cambodia and Amret Microfinance recently.

Insurance products and services do not only cover enterprises and individuals from middle and upper classes, but also those with lower means, he added.

Royal Government of Cambodia has so far licensed 13 banks and microfinance institutions to operate Bancassurance in Cambodia.

Source: Agency Kampuchea Press