KUALA LUMPUR: Malayan Banking Bhd’s (Maybank) insurance and takaful arm, Etiqa has expanded its global footprint to Cambodia after obtaining the necessary approval to operate in the country.
In a statement today, Etiqa said Cambodia’s Ministry of Economy and Finance has granted operating licences to Etiqa General Insurance (Cambodia) Plc and Etiqa Life Insurance (Cambodia) Plc, and the two companies are currently offering fire insurance (retail and commercial) and personal accident insurance.
It said the offerings would be expanded to include products such as endowments, education, medical as well as travel and motor insurance soon, via 21 Maybank branches across Cambodia.
“Etiqa’s move to penetrate the country’s market is driven by its huge potential for the insurance business, as close to 97 per cent of Cambodians are uninsured,” said Etiqa Insurance and Takaful group chief executive officer Kamaludin Ahmad.
As Asean’s leading insurance provider in Singapore, Indonesia and the Philippines, Etiqa aims to bring its ‘Fast & Easy’ insurance solution to Cambodians, making it easier for customers to purchase products, submit and receive their claims as well as to obtain assistance, he said.
“We also aim to become the first in the country to offer insurance products online,” added Kamaludin. -Bernama
