Korea Insurance Development Institute Spreads K Insurance to 7 Southeast Asian Countries

Signed MOUs During Early June Visit to Cambodia and Laos

The Korea Insurance Development Institute announced on the 7th that it visited the insurance policy authorities of Cambodia and Laos for three days starting from the 4th and signed memorandums of understanding (MOUs) for cooperation to develop the insurance industries of each country.

The Korea Insurance Development Institute visited the insurance policy authorities of Cambodia and Laos for three days starting from the 4th and signed a Memorandum of Understanding (MOU) for business cooperation to develop the insurance industry in each country. Photo by Korea Insurance Development Institute

The Korea Insurance Development Institute plans to strengthen the supervisory authorities' capabilities through training in actuarial fields such as insurance pricing calculation and adequacy verification in both Cambodia and Laos. It will also engage in the necessity and support for the establishment of data aggregation and management systems for information sharing and utilization.

At the signing ceremony, Bu Chanpiru, Director of the Insurance Regulator of Cambodia (IRC), said, "Ahead of the full-scale implementation of compulsory automobile insurance, we want to learn from the Korea Insurance Development Institute's know-how in operating the compulsory insurance subscription management network and utilizing information." He added, "Through this partnership, we expect cooperation in system areas such as insurance awareness enhancement and insurtech to raise the maturity of Cambodia's insurance market and increase insurance penetration rates."

Phaython Thiangramai, Director of the Insurance Department (SOEI) of the Ministry of Finance of Laos, said, "Our biggest concern is the lack of professionals who can statistically and actuarially assess the adequacy of insurance products," and added, "Sharing the Korea Insurance Development Institute's know-how is necessary to enhance our capabilities."

The Korea Insurance Development Institute has previously signed cooperation agreements for the development of the insurance industry with five Southeast Asian countries: Indonesia, Malaysia, Thailand, the Philippines, and Vietnam.

Heo Chang-eon, President of the Korea Insurance Development Institute, stated, "We will continue to communicate with insurance policy authorities throughout Southeast Asia and spread the Korean-style insurance growth model."