PHNOM PENH, June 29 (Xinhua) -- Britain's leading life insurer, Prudential Plc, is going to open its office in Phnom Penh, said the British ambassador to Cambodia Mark Gooding on Friday.
Speaking in a meeting with Cambodian deputy Prime Minister and Finance Minister Keat Chhon, Mark Gooding thanked the ministry for giving an approval in principle on June 28, 2012 to the U.K.-based Prudential Plc to open a life insurance company in Cambodia.
Keat Chhon said that British investment here reflected British investors' trust on Cambodian economic and political situation, adding that Cambodia's insurance development is in early stage and has much room to grow.
Currently, Cambodia has two life insurers. The first one is Cambodian Life Insurance Company (Cambodian Life), which went into services in May, and the other is the Canada-based insurer, Manulife, which was officially launched on Thursday.
Cambodian Life is a joint venture by Cambodia's finance ministry and four other partners, namely PT Asuransi from Indonesia, Asia Insurance from Hong Kong, Bangkok Life Assurance and Bangkok Insurance Public from Thailand.
According to Cambodia's insurance law, an insurance company is required to have the minimum capital of 7 million U.S. dollars.