Thailand's second-largest insurer is looking to enter the Cambodian market by next year, local Thai media reported yesterday. Dhipaya Insurance announced it has applied for a licence to operate in the Kingdom and is the latest international insurance company planning to offer services in Cambodia’s growing market.

Two other Thai insurance providers, Bangkok Life and Muang Thai Life, have both announced that they would start setting up operations in Cambodia this year. Dhipaya Insurance is talking to local partners with the intention of creating a new Cambodian subsidiary, media reported.

The company also plans to collaborate with two additional Thai insurance firms, Panichewa Group and Southeast Insurance Group, to help facilitate the company’s expansion.