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INSURANCE
Because of decades of civil war and political instability, Cambodiaˇ¦s insurance market is one of the least developed countries in the world. The few companies in Cambodia just operate the limited range of products and services. In short, the two major lines of business are cargo and car insurance due to the compulsory insurance law. The latter has gradually increased over the past two years. As for the fire, life and health insurance, they are much smaller.
At the present, the insurance companies operating in Cambodia are as bellow:
1- CAMINCO Insurance Company (State owned) was started in 1992.
2- CONTINENTIALINDOCHINE (branch of Continential Union) was started in 1993.
3- Indochina Insurance Union; broking Insurance firm registered in Hong Kong was started in 1993.
4- Asia Insurance; branch of Asia Insurance was started in 1996 (Hong Kong).
5- FORTE was started in 1996.
6- World Trade Insurance was started in 1995.
In conclusion, the development of insurance in Cambodia is hindered by the lack of any strict traffic regulation and legal framework. If the Kingdom of Cambodian Government would like to develop the insurance business, they have to create the traffic rule and set up the supervisory authority to ensure their implementation and also need the fund for training the staff of the newly supervisory authority.
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