One of pan-Asia’s rapidly expanding digital-based insurance providers FWD Insurance has launched operations in Cambodia – now its tenth market in the region.
FWD completed the acquisition of Bangkok Life Assurance (Cambodia) Public Limited in December 2020. The Group has now renamed and rebranded the acquired businesses to FWD Insurance.
The company has positioned itself as a ‘different’ type of insurance provider stating it is ‘Led by our customers. Empowered by technology.’
Huynh Thanh Phong, FWD’s Group Chief Executive Officer, said, “Cambodia has quickly evolved into one of Southeast Asia’s most vibrant and dynamic economies.
We see vast opportunities to bridge the protection gap and provide financial security to the people of Cambodia and I’ve no doubt our new team here will succeed in changing the way Cambodians feel about insurance.”
Rotha Chan, Chief Executive Officer of FWD Cambodia, said, “I’m so proud of this unique opportunity to lead our business in this exciting new chapter for FWD in Cambodia.
The future for FWD and Cambodia is very bright and I’m confident we can achieve many successes together as a team and show Cambodians a new kind of insurance that can inspire them to celebrate living.”
The FWD Group Holdings Ltd is owned by Hong Kong billionaire Richard Li, and made a filing for a stock market listing in the United States public last week.
The IPO is expected to raise $2 billion to $3 billion, valuing the company at $13 billion to $15 billion.
FWD Group currently operates in ten markets: Hong Kong, Japan, Macau, Singapore, Thailand, Philippines, Indonesia, Vietnam, Malaysia, and now Cambodia.
Cambodia has a rapidly developing financial technology sector led by industry body the Cambodian Association of Finance and Technology (CAFT).
Tomas Pokorny, Board Director – Secretary-General of CAFT told Cambodia Investment Review the organization is proud to see Cambodian FinTech and InsurTech, is growing and attracting international players such as FWD.
This is an early sign of the entire digital environment growth in the country and it is rest assured, that CAFT and many others are working relentlessly, to capitalize on it, Pokorny added.
The insurance sector in Cambodia earned $271.5 million in premiums last year, increasing by 7.31% from $253 million in 2019, according to the Insurance Association of Cambodia.