Cambodia is stepping up efforts to promote compulsory insurance among businesses and the public, particularly as construction activities and commercial vehicles increase alongside daily traffic accidents that threaten people’s property, physical safety and lives.
The Insurance Regulator of Cambodia (IRC) held a dissemination seminar on compulsory insurance on Thursday at the Business Development Centre in Phnom Penh, bringing together government officials, relevant institutions and private-sector representatives to raise awareness and strengthen cooperation on its implementation.
The seminar was presided over by Hor Sovathana, deputy director-General of the IRC, representing IRC director-general Bou Chanphirou, with the participation of Tema Vichekal, deputy governor of Phnom Penh, members of the Inter-Ministerial Working Group, representatives of relevant provincial departments and institutions, competent authorities and private-sector stakeholders.
The seminar aimed to broaden public understanding of insurance, particularly compulsory insurance, while helping protect the interests, rights and obligations of insured persons.
Participants were briefed on the fundamental principles, different types and benefits of insurance, as well as the roles and responsibilities of the IRC.
According to the IRC, participants expressed interest in and support for using insurance as a mechanism to transfer risks and reduce financial burdens when unexpected incidents occur.
They also gained a clearer understanding of compulsory insurance and exchanged views on the importance of cooperation among relevant stakeholders at all levels to ensure its effective implementation.
In her closing remarks, Sovathana expressed appreciation for the efforts of the IRC, ministries, institutions and relevant stakeholders in strengthening cooperation to promote the development of Cambodia’s insurance sector.
She particularly highlighted the importance of continued collaboration to advance compulsory insurance in response to the growing number of construction sites and commercial vehicles operating on the roads, as well as the daily occurrence of traffic accidents.
