The Insurance Regulator of Cambodia (IRC) and Korea Insurance Development Institute (KIDI) have jointly signed a memorandum of understanding (MoU) on insurance development between Cambodia and South Korea, a local Cambodian newspaper reported.
The MoU was signed by IRC Director-General Bou Chanphirou and KIDI Chairman and CEO Chang-Eon Heo in the presence Ros Seilava, Secretary of State of Ministry of Economy and Finance and Vice Chairman of the Council of the Non-Bank Financial Services Authority (NBFSA).
The MoU outlines prospects for enhanced collaboration between both parties through personnel exchanges, cross-visits, and the joint organization of events such as seminars, conferences, and industry training programmes.
As part of the agreement, both sides will also share information related to the insurance industry, with a focus on areas such as insurance statistics management, IT infrastructure development, and other mutually agreed areas of cooperation.
According to Chanphirou, the MoU is intended to foster closer cooperation by facilitating the exchange of expertise and technical know-how, ultimately improving the management and development of the insurance sector in both Korea and the Kingdom of Cambodia. He added that the agreement seeks to build a collaborative partnership in insurance-related matters, grounded in mutual benefit and shared growth.
Cambodia’s insurance industry has reported a gross premium of $356.4m in 2024, an increase of 3.5% compared to 2023, an IRC report stated.