Cambodian National Insurance Company

Last updated
Cambodian National Insurance Company
Private
IndustryInsurance
Founded1990 (1990)
Headquarters
Phnom Penh
,
Cambodia
Area served
 Siem Reap, Sihanoukville, Banteay Meanchey, Kampong Cham
Key people
Duong Vibol, Managing Director
Services General, commercial, vehicle, home
Decrease2.svgUS$ 100,000 (2008)
Parent Varyia BVB Insurance
Website caminco.com.kh

Cambodian National Insurance Company (CAMINCO) is a Cambodian private insurance company with 25% of its shares owned by the Royal Government of Cambodia. It is a subsidiary of Varyia BVB Insurance.

Cambodia Southeast Asian sovereign state

Cambodia, officially the Kingdom of Cambodia, is a country located in the southern portion of the Indochina peninsula in Southeast Asia. It is 181,035 square kilometres in area, bordered by Thailand to the northwest, Laos to the northeast, Vietnam to the east and the Gulf of Thailand to the southwest.

Insurance equitable transfer of the risk of a loss, from one entity to another in exchange for payment

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

Politics of Cambodia

The politics of Cambodia are defined within the framework of a constitutional monarchy, in which the King serves as the head of state, and the prime minister is the head of government. The collapse of communism set in motion events that led to the withdrawal of the Vietnamese armed forces, which had established their presence in the country since the fall of the Khmer Rouge. The 1993 constitution, which is currently in force, was promulgated as a result of the 1991 Paris Peace Agreements, followed by elections organized under the aegis of the United Nations Transitional Authority in Cambodia. The constitution proclaims a liberal, multiparty democracy in which powers are devolved to the executive, the judiciary and the legislature. Furthermore, the governing charter declares Cambodia to be an "independent, sovereign, peaceful, permanently neutral and non-aligned State."

Contents

History

CAMINCO was officially incorporated in 1990, becoming the first insurance company in Cambodia. It began its operations during June 1993. [1]

In 2000, the Insurance Law was passed and in 2001, the Sub-decree Nº132 on Insurance came into force. As a result, CAMINCO restructured into a state owned enterprise. CAMINCO was able to meet the capital requirement of USD 7 Millions, the insurance company to do so, and the only company to receive the 5-year license on General Insurance Services from the Ministry of Economy and Finance. [1]

On Monday 6 April 2009, the Royal Government of Cambodia sold 75% of its shares in the formerly state owned CAMINCO insurance company for US$5.7 million. [2] The Royal Government however, retains a 25% share in the company. The existence of the deal was not widely known. [3] Cheam Yeap, the head of the National Assembly's banking and finance committee and a Cambodian People's Party MP, told the Phnom Penh Post that he knew nothing about it. [4]

National Assembly of Cambodia National Assembly of Cambodia

The National Assembly is one of the two houses (chambers) of the Parliament of Cambodia. It is referred to as the lower house, with the Senate being referred to as the upper house.

Cambodian Peoples Party Cambodian political party

The Cambodian People's Party has been the ruling political party of Cambodia since 1979. Founded in 1951, it was originally known as the Kampuchean People's Revolutionary Party. After toppling the Khmer Rouge regime with the Vietnamese-backed liberation of Phnom Penh, it became the ruling party of the People's Republic of Kampuchea (1979–1989), which was later renamed the State of Cambodia (1989–1991). The current name, CPP, was adopted during the final year of the State of Cambodia, when the one-party system as well as the Marxist–Leninist ideology were abandoned. Originally rooted in communist and Marxist–Leninist ideologies, the party took on a more reformist outlook in the mid-1980s under Heng Samrin. In 1991, the CPP officially dropped its commitment to socialist ideology, and has embraced a free market economy.

Business partners

General Insurance Corporation of India reinsurance company in the Indian insurance market

GIC of India is a state owned enterprise in India. It was the sole reinsurance company in the Indian insurance market until the insurance market was open to foreign reinsurance players by late 2016 including companies from Germany, Switzerland and France. GIC Re has its registered office and headquarters in Mumbai.

See also

Related Research Articles

Phnom Penh Autonomous municipality in Cambodia

Phnom Penh, Khmer: ភ្នំពេញ, formerly known as Krong Chaktomuk or Krong Chaktomuk Serimongkul, is the capital and most populous city in Cambodia. Phnom Penh has been the national capital since French colonization of Cambodia, and has grown to become the nation's economic, industrial, and cultural center.

Kingdom of Cambodia (1953–1970) 1953-1970 monarchy in Southeast Asia

The Kingdom of Cambodia, also known as the first Kingdom of Cambodia and the Sangkum Reastr Niyum regime, referred to Norodom Sihanouk's first administration of Cambodia from 1953 to 1970, an especially significant time in the country's history. Sihanouk continues to be one of the most controversial figures in Southeast Asia's turbulent and often tragic postwar history.

Pursat Province Province in Cambodia

Pursat is a province (khaet) of Cambodia. It is located in the western part of the country and borders clockwise from the north with Battambang Province, the Tonlé Sap, Kampong Chhnang Province, Kampong Speu Province, Koh Kong Province, and Thailand. It is located between the Tonle Sap and the northern end of the Cardamom Mountains. The Pursat River bisects the province, running from the Cardamoms in the west to the Tonle Sap in the east.

Phnom Penh International Airport airport

Phnom Penh International Airport, is the busiest and largest airport in Cambodia containing land area of 400 hectares. It is located 10 kilometres (5.4 NM) west of Phnom Penh, the nation's capital.

Norodom Chakrapong is a Cambodian royal politician, businessman and former major-general of the Royal Cambodian Armed Forces. He is the fourth son of Norodom Sihanouk of Cambodia and also a half-brother of the current king, Norodom Sihamoni. Chakrapong started his career as a military pilot in 1963. After Sihanouk was overthrown in 1970, Chakrapong spent time under house arrest, then in Beijing as the Head of Protocol of then-Prince Sihanouk, afterwards living overseas before he joined the Funcinpec in 1981 and fought against Vietnamese occupation as a commander of the Armée Nationale Sihanoukiste. In 1991, Chakrapong left Funcinpec to join the Cambodian People's Party (CPP) and served as the Deputy Prime Minister of Cambodia between 1992 and 1993. When the CPP lost the 1993 general elections, Chakrapong led a secession attempt in 1993. In 1994, he was accused of joining a failed coup attempt which led him to be sent into exile. After Chakrapong was pardoned in 1998, he founded a private airline company, Royal Phnom Penh Airways. The airlines later stopped all operations in early 2006.

Manulife

Manulife Financial Corporation is a Canadian multinational insurance company and financial services provider headquartered in Toronto, Ontario, Canada. The company operates in Canada and Asia as "Manulife" and in the United States primarily through its John Hancock Financial division. As of December 2015, the company employed approximately 34,000 people and had 63,000 agents under contract, and has CA$935 billion in assets under management and administration. Manulife services over 26 million customers worldwide.

The Phnom Penh Post is a daily English-language newspaper published in Phnom Penh, Cambodia. Founded in 1992 by publisher Michael Hayes and Kathleen O'Keefe, it is Cambodia's oldest English-language newspaper. The paper was initially published fortnightly as a full-color tabloid; in 2008 it increased frequency to daily publication and redesigned the format as a Berliner. The Phnom Penh Post is also available in Khmer language. It previously published a weekend magazine, 7Days, in its Friday edition. Since July 2014, it has published a weekly edition on Saturdays called Post Weekend. Post Weekend was folded into the paper as a Friday supplement in 2017 and was discontinued in 2018.

ANZ Royal is a bank in Cambodia with 23 branches that provides internet banking and a network of automated teller machines (ATM) at 101 locations both at branches and off-site. It also offers an "institutional team to assist multinational businesses operating in Cambodia". Established in 2005, ANZ Royal is a joint venture of the Australian ANZ and the Cambodian Royal Group Company (RGC).

ACLEDA Bank Plc. is a public limited company, formed under the Banking and Financial Institutions Law of the Kingdom of Cambodia based in Phnom Penh, with 261 offices covering all provinces, as well as 42 in Laos, and 7 in Myanmar. ACLEDA started out in 1993 when it began providing micro credits to war victims. By now it is Cambodia's major commercial bank. ACLEDA had more than $5,244 million in total assets as of December 31, 2017, and more than $3,117 million in deposits, with over $3,085 million in loans outstanding. According to the National Bank of Cambodia, ACLEDA Bank is the largest domestic commercial bank in terms of total assets and number of clients, with more than 1.7 million depositors as of December 31, 2017.

Serei Saophoan Municipality Municipality in Banteay Meanchey, Cambodia

Serei Saophoan is a district (srok) in the centre of Banteay Meanchey Province, in north-western Cambodia. Serei Saophoan is the urban district of Banteay Meanchey province and the district capital is also the provincial capital Sisophon town. The town is located 359 kilometres north of Phnom Penh and 48 kilometres from the border with Thailand at Poipet. Serei Saophoan District is the central district of Banteay Meanchey and is surrounded by other Banteay Meanchey districts. Cambodia's main railway line from Phnom Penh to Poipet enters the district from the south and exits to the west.

Baribour District District in Kampong Chhnang, Cambodia

Baribour District is a district (srok) in the north of Kampong Chhnang Province, in central Cambodia. The district capital is Baribour town located around 38 kilometres north west of the provincial capital of Kampong Chhnang by road. The district shares a border with Pursat Province to the west and with Kampong Thom Province to the north. The district borders on the Tonle Sap and the Tonle Sap river forms the northern and eastern borders of the district.

Rail transport in Cambodia

Cambodia has 612 km (380 mi) of 1,000 mm metre gauge rail network, consisting of two lines originally constructed during the time when the country was part of French Indochina. Due to neglect and damage from civil war during the latter half of the 20th century, the railways were in a dilapidated state and all services had been suspended by 2009. By 2016, freight and limited passenger service was available between Phnom Penh and Sihanoukville.

Royal Air Cambodge

Royal Air Cambodge was the flag carrier airline of Cambodia, headquartered in Phnom Penh.

Cambodia Angkor Air is the national flag carrier airline of Cambodia, with its corporate headquarters and main hub in Phnom Penh.

BVB is a private company conglomerate based in Phnom Penh, Cambodia.

Phnom Penh Water Supply Authority

The Phnom Penh Water Supply Authority (PPWSA) is the municipal water utility that serves Cambodia's capital Phnom Penh and surrounding areas.

Shukaku Inc. is a private development company based in Phnom Penh, Cambodia. It is headed by Senator Lao Meng Khin a crony from the Cambodian People's Party and chairman of the Cambodian Chamber of Commerce who also directs the Pheapimex Group.

The Royal Group Cambodias largest diversified conglomerate and holding company

The Royal Group, based in Phnom Penh, is Cambodia's largest diversified conglomerate and holding company with investments in various industries in the country including telecommunication, media, banking, insurance, resorts, education, property, trading and agriculture.

The Cambodia Securities Exchange (CSX) is the national stock exchange of Cambodia. The exchange's purpose is to achieve high economic growth by facilitating flows of capital, investment, and reallocation of capital based on capital market mechanisms. The exchange is headquartered in the Canadia Tower, in Cambodia's capital city, Phnom Penh.

Cambodia Bayon Airlines is an airline based in Phnom Penh, Cambodia. Its main hub is at Phnom Penh International Airport. The airline is a wholly owned subsidiary of Bayon Airlines Holding Ltd., which is in turn a subsidiary of the Chinese carrier Joy Air. It was registered in April 2014. The air operator's certificate was received in December 2014; the airline had its inaugural flight on December 31, 2014. Cambodia Bayon Airlines' first operational base in Cambodia is Phnom Penh. The company also has operational bases in Siem Reap, Sihanoukville and Ho Chi Minh City.

References

  1. 1 2 "Company Profile" Archived 2009-09-12 at the Wayback Machine . Cambodian National Insurance Company. Accessed 2010-01-05
  2. ↑ Caminco Sale. Google Groups. Accessed 2010-01-05
  3. ↑ Caminco Sale Confirmed. Derkeiler. Accessed 2010-01-05
  4. ↑ "Caminco Sale Confirmed. Phnom Penh Post. Accessed 2010-01-05


This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.