KUALA LUMPUR: Etiqa Insurance & Takaful has been given the go-ahead by Cambodia’s Ministry of Economy and Finance (MEF) to expand its footprint and tap into a very unserved market.
The insurer said on Thursday the MEF granted Etiqa General Insurance (Cambodia) Plc. and Etiqa Life Insurance (Cambodia) Plc. licences to operate their respective insurance businesses.
The businesses are led by Nazri Wong Abdullah and Clarence Lit as the respective chief executive officers.
Etiqa’s move into Cambodia was spurred on by the vast potential that the Cambodian market has to offer, where an estimated 97% of the population do not own insurance policies.
Currently, Etiqa General Insurance (Cambodia) Plc. and Etiqa Life Insurance (Cambodia) Plc. offer fire insurance (retail & commercial) and personal accident products which are available via the 21 Maybank branches located across Cambodia.
Etiqa said additional products such as endowment, term, education, and investment-linked, medical, motor, travel, marine and engineering insurance will also be made available in the very near future.
Group CEO of Etiqa Insurance & Takaful, Kamaludin Ahmad said “Etiqa’s aspiration of expanding into Cambodia, which we have nurtured over the past few years, has now been realised.
“As a leading Asean insurer across countries such as Singapore, Indonesia and the Philippines, we have been looking forward to bringing Etiqa’s brand promise of ‘fast & easy’ experiences to the people of Cambodia.
“Whether it’s making a purchase, submitting claims, receiving payouts or getting assistance, it will be fast & easy, while providing customers only the best advice.”
“While insurance penetration in Cambodia is still low, with most of the population without any form of insurance, we target to bring additional accessibility by being among the first to provide online insurance products there.”