Etiqa Insurance, a Malaysian insurance provider which is apart of Maybank, has received the approval of the Cambodian Ministry of Economy and Finance to operate in the Kingdom after receiving a business licence.
What is Etiqa Insurance?
The Maybank insurance subsidiaries will operate in Cambodia as Etiqa General Insurance (Cambodia) Plc and Etiqa Life Insurance (Cambodia) Plc.
On their Cambodian website, Etiqa says they are “the single master brand for all Insurance & Takaful businesses under Maybank and is the leading General Insurance/Takaful company, the largest Bancassurance provider and the largest Online insurer in Malaysia. It is also a leading Digital Insurer in Singapore and a leading Group Medical Insurer in the Philippines.”
The insurance providers will offer the following cover through 21 current Maybank branches when it’s operating in Cambodia:
- Fire insurance
- Retail insurance
- Commercial insurance
- Personal accident cover
In addition, Etiqa plans to offer endowment, term, education, investment-linked, medical, motor, travel, marine and engineering insurance reports the Khmer Times.
Cambodia is the 5th country in ASEAN Etiqa will be operating in, including its home base of Malaysia. They will have operations in Singapore, Indonesia and the Philippines and Cambodia.
Etiqa Insurance & Takaful Group CEO Kamaludin Ahmad told The Star: “Etiqa’s aspiration of expanding into Cambodia, which we have nurtured over the past few years, has now been realised.
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.”
Maybank has been adding Premier Wealth lounges to some of its branches to expand on its Premier Banking services.
During COVID-19, the bank has also partnered with the new Cambodia SME Bank “to facilitate the provision of financing to SMEs in an effective and sustainable manner to support local small and medium enterprises.”
In March 2020, Huy Vatharo, chairman of the Insurance Association of Cambodia, said: “the insurance market in Cambodia is growing rapidly and playing a bigger role every year in the country’s economic development.”