Japanese insurer Dai-ichi Life enters local market

Dai-ichi Life Insurance, a subsidiary of Dai-ichi Life Holdings, officially launched operations in Cambodia during a ceremony held yesterday at Rosewood Phnom Penh.

Created in 1902 and based in Tokyo, the company says it will be the first Japanese life insurer tapping into opportunities in the Kingdom.

Allen Thai, CEO of Dai-ichi Life Insurance in Cambodia, said the Kingdom is the eighth country where the firm has expanded, following Vietnam, Thailand, Indonesia, India, Japan, Australia, and the United States.

The company has injected over $37 million into the office in Phnom Penh”, Mr Thai said at the ceremony, adding that Cambodia has great potential due to its stable economic growth.

We provide long-term financial protection tailored to Cambodians’ needs,” he said, adding, that they focus on life insurance.

It has been brought to my attention that the insurance industry here, life insurance in particular, keeps growing, although the industry is still in its infancy,” he said.

Mr Thai said he is confident the company will be successful in the local market, helping the industry develop, contributing to national economic growth, and creating jobs.

“The company employs about 70,000 people and serves 11 million customers around the globe,” he said. “Here in Cambodia, we are planning to employ 100 locals.”

At the ceremony, the Japanese insurer signed a partnership with Vattanac Bank, which will allow the bank to provide life insurance services to its customers.

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