October 09, 2017, Phnom Penh, Cambodia – Insurance Association of Cambodia (IAC) in collaboration with Singapore Actuarial Society (SAS) organized a seminar on “Insurance business: From actuarial framework perspectives,” which is the first large scale actuarial seminar in the Cambodian insurance history. With support from Ministry of Economy and Finance of Cambodia, the programme runs for two days, Monday and Tuesday, October 9 – 10, 2017 presided by H.E. Dr. Mey Vann, Director General, General Department of Financial Industry, Ministry of Economy and Finance. The event was participated by representatives from all insurance companies in Cambodia - life and non-life insurers. This seminar aims to develop further knowledge and skill for insurance professionals in Cambodia to be more capable in providing services contributing to the growth of the country’s insurance market. This seminar addresses the key challenge in the insurance industry, as actuaries play a very crucial role in the business.
Vatharo Huy, Chairman of Insurance Association of Cambodia said in the welcome remark of the seminar, “Because of the immaturity of insurance market in Cambodia, lack of skilled insurance professionals in the country is a key challenge. IAC has been working closely with the Ministry of Economy and Finance, Insurers, and relevant parties in and outside the country to give opportunity to Cambodian insurance professionals to improve their expertise. I want to take this opportunity to thank to all the speakers and experts from the Singapore Actuarial Society spending their valuable time to share their knowledge and experience in insurance sector with Cambodian insurance professionals in this seminar.”
“Our participation in this seminar reflects joint collaboration from all players in the insurance market to enhance human resource capability and efficiency as well as to ensure the sustainability of market growth in Cambodia,” said H.E. Dr. Mey Vann, in the opening remark of the seminar. He added, “Under our updated strategic vision in developing financial industry for 2016-2025, some priorities have been clearly set out to take actions - improving regulatory environment for insurance business, strengthening management mechanism and monitoring the market to achieve higher standard quality to facilitate the market growth, , and expanding the insurance market through educating the market about benefits of insurance as well as developing skills for both insurance operators and regulators. ”
The two-day seminar is the first biggest actuarial seminar since the insurance industry started in Cambodia. All the speakers in the seminar are experts with years of experience in insurance and financial industry around the world.