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Bancassurance Major Growth Driver For Cambodian Insurance – Regulator

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Bancassurance major growth driver for Cambodian insurance – regulator
Bancassurance is playing a key role in driving the growth of the Cambodian insurance market as it accounted for 40% of total sales in 2022, according to Insurance Regulation of Cambodia (IRC) director general Bou Chanphirou.

The sector’s gross insurance premium reached more than $330 million in 2022, and Chanphirou said the banking sector was a major driver of this growth. By the end of last year, he said that there are 40 insurers operating in Cambodia with total assets of approximately $1 billion and equity fund of more than $400 million.

The growth in 2022 was a 10.6% rise compared to 2021, which recorded $299.8 million in gross insurance premium. Overall, Chanphirou said that the country’s insurance market has grown at an average annual rate of 25% over the last 10 years.

Bancassurance domination stems from new regulation
In an article from the Khmer Times, Chanphirou said that the domination of bancassurance has resulted from the new regulation of the National Bank of Cambodia (NBC). This allows banks and other financial institutions to apply a direct sale or agent model as opposed to the previous referral model.

“Such a new model of bancassurance can bridge the gap between the two financial worlds by linking banks and financial institutions with insurers to provide consumers access to essential financial protection,” Chanphirou said. “Banks and financial institutions and insurance companies are the two inseparable operators which work together for the development as well as the growth and competitiveness of the financial market.”

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The potency of bancassurance can also be attributed to the “Cambodia Strategic Development Plan for Insurance Sector 2021-2030,” a circular that defines the distribution of insurance products in the country. Banks and financial institutions being allowed to distribute insurance products has shown enormous potential.

Chanphirou also said that the IRC is co-developing a code of conduct for insurance agents with various insurance institutions which will be adopted soon.

Despite the strong growth across the sector and the major driving force that is bancassurance, Chanphirou said that the insurance penetration rate in Cambodia is still only 1.17%, with a density of $20.47 per capita. While this is low compared to other countries in the region, he said that it also had an attractive growth potential.

“In 2023 and the coming years, I am confident that more insurance products can be sold via bancassurance which would contribute more to the insurance market which has a huge potential to grow,” Chanphirou said.

Source: Insurance Business

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Matawalle Meets Chinese Defence Firm To Bolster Nigeria’s Anti-Terrorism Capabilities

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The Honourable Minister of State for Defence, Dr. Bello Muhammed Matawalle, has engaged in a high-level security meeting with a leading Chinese manufacturer of advanced anti-terrorism and high-tech defence equipment, aimed at enhancing Nigeria’s defence capabilities.

The meeting, which took place in China, underscores the Federal Government’s commitment to modernising the nation’s security apparatus to combat insurgency and other threats.

According to a statement signed by the minister’s Personal Assistant (Media), Ahmad Dan-Wudil, and made available to journalists in Abuja on Wednesday, the engagement focused on formalising a strategic partnership through a Memorandum of Understanding (MoU) between the Chinese firm and the Defence Industries Corporation of Nigeria (DICON).

The collaboration is expected to play a pivotal role in advancing Nigeria’s security sector, aligning with President Bola Ahmed Tinubu’s vision for a comprehensive overhaul of the country’s defence framework.

The MoU outlines a robust partnership, with the Chinese company committing to significant investments in Nigeria’s defence infrastructure.

According to the statement, Key components of the agreement include the transfer of cutting-edge defence technology, the establishment of local manufacturing capabilities for advanced military equipment, and capacity-building initiatives to enhance the technical skills of Nigerian personnel.

“This move is seen as a step towards building a self-reliant and globally competitive military-industrial base.

Dr. Matawalle emphasised that the partnership represents a landmark achievement in Nigeria’s defence modernisation agenda.

“This collaboration will not only strengthen our fight against terrorism but also position Nigeria as a regional leader in defence technology,” he stated.

The minister highlighted the government’s determination to leverage international partnerships to address the nation’s evolving security challenges.

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Under the terms of the agreement, new production lines will be established for various ammunition types, including 7.62x51mm ball cartridges, 7.62x51mm blank cartridges, 9x19mm pistol cartridges, and machine gun ammunition.

Additionally, manufacturing workshops and facilities will be set up in Kaduna and Kachia, Kaduna State, to produce essential defence components such as brass casings and bullet jackets.

The partnership extends beyond production, encompassing the maintenance and upgrading of existing military hardware, servicing of battle tanks, and the provision of military engineering services.

These efforts are expected to enhance the operational readiness of the Nigerian Armed Forces, enabling them to respond more effectively to security threats within the country and across the region.

The minister’s visit to China follows a series of engagements with international partners, including the United States and Saudi Arabia, as part of Nigeria’s broader strategy to strengthen bilateral defence ties.

In a recent meeting with the United States Africa Command (AFRICOM), Dr. Matawalle called for increased support in intelligence sharing and counterterrorism efforts, underscoring the need for global cooperation to tackle insecurity.

The agreement with the Chinese firm has been hailed as a critical step towards achieving President Tinubu’s Renewed Hope Agenda, which prioritises security, economic development, and private-sector involvement.

The minister reiterated the government’s openness to foreign investment in critical sectors such as defence, steel, and energy to drive technological advancement and job creation.

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Gamblers Predict New Pope as Betting Sites Place Odds on Top Candidates

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Gamblers are staking millions of dollars to predict who will emerge as new pope as betting sites place odds on the candidates as the Catholic Church cardinals sweat to pick a new pontiff.

Polymarket, an American cryptocurrency-based betting site, has placed odds on candidates who will emerge.

Similarly, Kalshi, another American betting site, is coordinating predictions on who emerges as the new Catholic pope.

On Polymarket, over $21 million worth of bets have been staked in the conclave election, in which Vatican Secretary of State Cardinal Pietro Parolin and Filipino Cardinal Luis Antonio Tagle are considered the leading candidates.

Mr Parolin leads with 27 per cent odds, while Mr Tagle comes second with 23 per cent odds. Matteo Zuppi, Pierbattista Pizzaballa, and Peter Erdo came third, fourth and fifth with 11, 10 and 7 per cent odds, respectively.

On Kalshi, where over $8milliom has been staked, Mr Parolin leads with 29 per cent odds, followed by Mr Tagle’s 22 per cent odds and Mr Pizzaballa’s 10 per cent odds.

This comes as 133 cardinals from across the globe commenced a conclave to decide who would emerge as the new pope on Thursday.

Though conclave elections have been highly unpredictable for years, gamblers throw in thousands of dollars for a possible kill should their candidate emerge.

In 2013, contrary to projections on the possible emergence of Cardinal Angelo Scola, who was then regarded as the favourite, Cardinal Jorge Mario Bergoglio emerged as Pope Francis.

On Wednesday, thick black smoke billows from the Sistine Chapel chimney at the end of the first meeting of the cardinals, signalling that no pope has been elected.

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The election of the 267th pope, which commenced on Wednesday. A new pope will poll a two-thirds majority to emerge during the election process.

Then, white smoke will be released from the Sistine Chapel chimney.

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ECOWAS Free Movement: Tinubu Initiates Dismantling of Checkpoints

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President Bola Tinubu has mandated the formation of a Presidential Task Force aimed at eliminating numerous checkpoints that impede free movement.

Ambassador Musa Nuhu, Nigeria’s Permanent Representative to ECOWAS, revealed this initiative during a visit to the Nigeria-Benin Republic border in Seme on Wednesday.

“We are commencing with the Seme-Badagry Corridor. A committee has been established under the auspices of the Secretary to the Government of the Federation, and we will soon begin addressing this matter.

“We have taken note of all the concerns raised, and I assure you that the Nigerian government will tackle the other issues mentioned subsequently.”

Numerous complaints have surfaced regarding the excessive checkpoints along the Badagry-Seme corridor, which adversely affect the seamless movement of individuals and goods between Nigeria and the Benin Republic.

Ambassador Nuhu emphasized, “This is the most trafficked border in West Africa regarding the flow of goods, people, and services. If free movement is to be effectively implemented in West Africa, it will be evident at this border.”

Motorists attending the meeting expressed their frustrations about the numerous checkpoints and the extortion practices by security personnel along the route.

In response, Omar Alieu Touray, President of the ECOWAS Commission, stated that any fees paid by motorists should be accompanied by official receipts.

He expressed concern that the proliferation of checkpoints and the extortion of citizens within member states undermine ECOWAS’s goal of fostering a more integrated region.

“While we must inspect passengers and road users, we should move beyond arbitrary charges that lack receipts. If payments are necessary, they should be properly documented.

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“It is one thing to request that someone open their bags for inspection, but it is entirely different to demand payment that is not receipted.”

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