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Cambodia’s First Life Insurance Firm Opens

The state-owned Cambodian Life Insurance Company opened its doors yesterday, becoming the first insurer to offer life insurance in Cambodia. In Meatra, director-general of Cambodian Life, said his firm would offer both fixed-term and full life coverage, with policies starting at $5,000. “The establishment of life insurance in Cambodia is a creation to diversify financial services in the form of new investments and family financial planning in the long term that manages unforeseen risks in the future,” he said. Ty Atith, assistant to the chairman of the General Insurance Association, praised the new service as a progressive move for the insurance sector, but said it would be some time before most Cambodians were able to afford such insurance. “The product is really only affordable to those coming from affluent families, because it is modern and they understand what it is for,” he said. Cambodia Life is 51 percent owned by the government. The remaining 49 percent is held by private firms based in Indonesia, Thailand and Hong Kong.

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