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Malaysian insurer Etiqa gets licence to set up shop in Cambodia

By Asia Asset Management  
May 26, 2020

Malaysia’s Etiqa Insurance & Takaful is expanding into Cambodia, the company’s fourth market in Southeast Asia outside of its home country.

Etiqa is the conventional and Islamic insurance arm of Maybank Group, Malaysia’s largest lender by assets.

The company says it has secured licences from the Cambodian government to operate life and general businesses.

“Etiqa’s aspiration of expanding into Cambodia, which we have nurtured over the past few years, has now been realised,” Chief Executive Officer Kamaludin Ahmad says in a statement on May 24.

According to Mr. Kamaludin, an estimated 97% of the country’s 16.25 million people are not insured, and his company is “looking forward to bringing Etiqa’s brand promise of ‘fast and easy’ experiences to the people of Cambodia”.

The general insurance business will be headed by Nazri Wong Abdullah, and the life insurance business will be led by Clarence Lit.

Etiqa currently offers fire insurance and personal accident products in Cambodia via Maybank’s 21 branches in the country.

Now that Etiqa has its own licence, it can sell more products, including endowment, term, education, investment-linked and marine and engineering insurance.

“These will be made available in the very near future,” Mr. Kamaludin says.

Etiqa, which already operates in Indonesia, Philippines and Singapore, had 34.1 billion ringgit (US$7.81 billion) of assets as of end-June 2019.