The Ministry of Public Works and Transport held a March 31 workshop on freight and passenger transport insurance to raise awareness and encourage the use of insurance by operators in the transport sector.
Ministry secretary of state Pov Maly said the workshop aimed to disseminate the obligations of freight or passenger transport to acquire insurance. The workshop participants discussed the benefits of insurance, and solutions to any associated problems that people may have experienced.
He said it was an excellent opportunity to collect input and discuss best practices, transparency and good governance.
“We support the implementation of laws on freight or passenger transport insurance. We issued a circular to transport operators describing their insurance obligations,” he said.
He hoped that the workshop would lead to an uptake in insurance and give all relevant sides a clearer understanding of what freight or passenger transport insurance was available.
Cambodia Logistics Association (CLA) president Sin Chanthy said the use of insurance is very important to mitigate risk.
“The use of this insurance has been practised in most developed countries for many years. The service is now considered a necessity, and provides invaluable peace of mind to consumers,” he added.
According to the Insurance Regulators of Cambodia, the number of insurance firms in the Kingdom has grown to 40. Among them, 18 are general insurance firms, 14 offer life insurance, seven are micro insurance companies and one is a Cambodian reinsurance company.
