7 August 2014
Nascent
insurance markets in Cambodia, Cuba and Myanmar offer "significant
opportunities" to foreign insurers. Dallas praised Cambodia's "bold
economic reforms and economic liberalisation" since 2000.
It noted
that the non-life insurance segment established in 2003 had grown rapidly
during its initial phase of development, generating premiums of $35.6 million
in 2012. The local insurance industry has "substantial potential for
growth" and is expected to become a $200 million industry by 2023, noting
that six non-life insurers were operating in Cambodia as of May. As for life
insurance, the company recalled that the establishment of the state-owned
Cambodian Life Insurance Company in 2012 was followed by the entry of Canadian
life insurer Manulife and Prudential of the United States.
Cambodia
is an "attractive investment opportunity for multinational insurers,"
it concluded, adding that more were expected to enter the market over the next
five years.
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