I have had a few questions recently from clients and associates about local insurance in Cambodia, such as housing, car, business and fire insurance. We don’t provide such policies. On average, Cambodian Investment Management is the best provider in the local market. For expats with Khmer wives, husbands and partners, they also offer good local health policies. I would avoid a couple of the bigger firms.
How about for non-locals or returnee Khmers? For expat health, life and income protection insurance, I would avoid all policies from Cambodia. Ultimately, insurance is only a promise to pay out if something happens. A promise is only as good as the person, institute or government giving that promise. Many insurance companies have gone out of business before and Cambodia was in war barely 20-30 years ago.
Therefore, it is best to use an international provider, who is actually based in UK, Switzerland, HK or any other developed city/country with a long tradition of rule of law. As the AIG case showed, the governments of the US and EU are willing to bail out big insurers who get into financial difficulties. It is unlikely the Cambodian government could do the same if a insurance company or bank got into financial difficulty.
Finally, there is a world of difference between AXA Thailand or AXA Zurich (as an example) and AXA Hong Kong or AXA UK or US. Many of the bigger companies have local offices in Cambodia and other South East Asian countries. However, that means local laws apply. So some of the safeguards that exist in HK, Singapore or elsewhere, no longer exist to the same extent.