Photo by: Heng Chivoan
Women sift through rice in Battambang. Micro-insurance could be sold to low-income workers.
Women sift through rice in Battambang. Micro-insurance could be sold to low-income workers.
via CAAI
Wednesday, 22 September 2010 22:13 Nguon Sovan
REGULATIONS to cover large micro-insurance initiatives in Cambodia have been drafted by the Ministry of Economy and Finance, providing a potential boost for the nascent insurance industry.
Micro-insurance – the provision of low-cost insurance to large low-income populations - has gained popularity in countries such as India and the Philippines but has so far been limited in Cambodia to pilot projects carried out by non-profit organisations.
But that is set to change, according to industry insiders preparing to target untapped sources of potential revenue in Cambodia’s countryside.
Secretary of State for the Finance Ministry, Hang Chuon Naron, confirmed yesterday the ministry is set to submit a sub-decree regulating the sector to the Council of Ministers “soon” with approval slated “by the end of this year”.
“Micro-insurance is needed by those with low income, who need protection from risks that threaten their everyday living. They can not access to general insurance, so the sub-decree is to enable low income people to get this service. The sub-decree would control it,” he said. ...read the full story in tomorrow’s Phnom Penh Post or see the updated story in online from 3PM UTC/GMT +7 hours.
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