New insurance venture enters local market

Newa Insurance (Cambodia) Plc, a joint venture of local investors and Japanese-owned Tokyo Marine Group, was officially launched Sunday, joining Cambodia’s fledgling insurance sector.

Speaking at the launch, Ly Khunthay, Newa’s chairman, said the company will aid national growth and provide much-needed insurance services to the Cambodian people.

“The country’s very stable political situation and strong economy has allowed us to bring this team of professionals with regional and international experience to the country.

“We believe our firm will be well received by the Cambodian people as our goal is to increase their financial security,” he said.

Youk Chamroeunrith, Forte Insurance managing director, told Khmer Times that Newa’s interest in Cambodia proves that the local insurance sector is becoming more attractive to international investors.

“This is a good sign. It shows that our market is very attractive and recognised by regional and global players.

“However, the presence of so many players in such a small market makes it a very tough and competitive industry,” he said.

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