DAP: The breaking news in Cambodia: “Cambodia gives green light to British life insurer Prudential” plus 2 more

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.

PHNOM PENH, July 1 (Xinhua) -- At least 500,000 baby fish and 100,000 young shrimps had been released into a reservoir in the Eastern part of Cambodia on Sunday to mark the 10th National Fish Day.

The fish release ceremony was held at the Boeung Thom reservoir in Kampong Cham province's Krouch Chhmar district under the presidency of Prime Minister Hun Sen.

A variety of aquatic creatures including fish, tortoises, turtles, frogs and eels was released at the event.

Annual event is aimed at encouraging people to actively join forces to preserve fish species in national habitats and to increase fish raising activities.

Speaking at the event, Hun Sen appealed to fishermen not to fish in the annual fish breeding season from July to October and not to use illegal fishing devices. "To increase fish population, we have to protect flooded forests which are breeding habitats for fish," he spoke at the ceremony with more than 10,000 locals.

The country has some 280 fish nurseries, which are able to produce about 130 million baby fish a year, according to a report of the Fisheries Administration.

PHNOM PENH, June 28 (Xinhua) -- Canada's leading insurer, Manulife, launched its life insurance services here on Thursday, bringing the number of life insurance companies in the country to two, officials said.

Speaking at the event, David Wong, senior vice president and chairman of Manulife (Cambodia), said that the company initially invested 7 million U.S. dollars for the head office in Cambodia, claiming that the capital will be increased to 20 million U.S. dollars within 5 years.

"We see the potential of Cambodia, with a population of about 15 million and an emerging middle class, as a growth area in the ASEAN countries," he said.

"The commencement of operations in Phnom Penh reflects Manulife 's commitment as a strong, reliable company to the ASEAN region in general and Cambodia in particular."

He said the Phnom Penh's head office employs about 40 local and foreign staff.

Aun Porn Moniroth, secretary of state at the finance ministry, said at the event that the investment of the Toronto-based insurer in Cambodia reflected foreign investors' trust in the economic and political stability of the country.

"It is a new pride for Cambodia that a world-class insurance company opens office," he said, adding that the Manulife is the second life insurer in the country after the Cambodian Life that went into services last month.

Besides life insurers, the country has other six general insurance companies and one reinsurance company.

"The whole insurance industry contributes only 0.23 percent to the GDP," he said. "Therefore, there is much opportunity for insurers to grow in this sector."