Etiqa, the insurance and takaful arm of Maybank Group Malaysia, has marked its second year of operations in Cambodia. Awarded licenses to operate by Cambodia’s Ministry of Economy and Finance (MEF) in 2019, Etiqa Life Insurance Cambodia and Etiqa General Insurance Cambodia became operational during the worldwide COVID-19 pandemic, and are currently led by Cambodian Chief Executive Officers, Vuthy Horng and Chanmakara Bun, respectively.
At the moment, Etiqa is the 3rd largest ASEAN owned insurance company, with its operational footprint in Malaysia, Singapore, the Philippines, Indonesia and Cambodia. In Malaysia, Etiqa is the number one local insurer/takaful operator, and holds the number 1 place for online general insurer/takaful operator as well as Bancassurance/Bancatakaful player in the country. In Cambodia, Etiqa has been ranked the 5th largest life bancassurance player in Cambodia after a span of two short years.
Etiqa’s move into Cambodia was spurred by the vast potential that the market has to offer, where insurance penetration remains low. Since operations began, Etiqa has brought its brand promise of bringing Fast & Easy experiences to the people of Cambodia, whether it is at the point of purchase, submitting claims, receiving payouts or getting assistance, while providing customers only the Best Advice.
Vuthy and Chanmakara have been tasked with driving their respective insurance businesses in Cambodia to further advance Etiqa’s position as a leading insurer in the ASEAN region. Etiqa Life Insurance Cambodia grew by 210% in 2021 and a further 156% in 2022 (as of September), while Etiqa General Insurance Cambodia grew by 64% in 2021 and a further 10% in 2022 (as of September).
This has been made possible by adopting various sales channels, and growing their product base. Over the past two years, EGIC and ELIC have expanded the range of personal and commercial insurance products available to Cambodians. These include general insurance products such as Personal Accident, Fire, Private Vehicle, Motorcycle, and Travel, while the products for commercial general insurance include Property All Risk, Contractor’s all Risk, Public Liability, Commercial Vehicle and Burglary insurance. These General insurance products are available across select channels, such as online, the direct sales team or brokers, or via Maybank Cambodia. As for Life Insurance products, we have Endowment products such as Premier Savers, and MyWealth, as well as Critical Illness riders, which are available via Maybank branches located across Cambodia. These plans are available for purchase online, as well as via Maybank branches located across Cambodia. Additional products to meet the needs of Cambodians are also in the pipeline.
Vuthy Horng, CEO of Etiqa Life Insurance Cambodia said, “While the penetration rate of insurance is still very low in Cambodia, the lifestyle of Cambodians continues to grow at a fast pace. Etiqa’s vision is to share this journey with them and to bring Smiles to the People of the Kingdom’ with our products to help protect them today and secure their future and that of their loved ones.”
Bun Chanmakara, CEO of Etiqa General Insurance Cambodia, added, “Accessibility of insurance plans has been a challenge for Cambodians, which is why Etiqa is among the first to provide online insurance products here.”
Delayed by the COVID-19 pandemic, Etiqa Life Insurance Cambodia and Etiqa General Insurance Cambodia will be officially launched on 8 December 2022.