Insurance in Cambodia: Costs or Compensations?

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Insurance is accepted and well-known in most developed countries.

People keep buying the service to prevent any uncertain risks or losses such as the insurance of health, automobile, house, and so on.

In a less developed country like Cambodia, however, insurance sounds new to most general citizens. Some individuals cannot find its benefits yet, while a few others think it is important to have insurance depending on their expectations and family status.

Most Cambodian people believe that buying insurance brings more costs rather than compensations. They think it will only encourage people to become more dependent and careless because they are just relying too heavily on the service.

Having car insurance, for instance, will make the users do not fear of crashes and lead to more often collisions.

In addition, most people think that buying such a service is a waste of money. They feel the payment they have spent to the company is ineffective if they do not have any damages.

Consequently, they sometimes commit the mistakes intentionally due to this misperception.

Another group also does not completely trust on the compensations in which the company would provide them to fix the losses.

Some say they cannot expect to get full returns for any damages because those companies will have limited responsibilities.

These really happen to most insurers in this society, and I think it is not a good practice.

Against their understandings, I believe there are some sorts of vital insurance that we should take into a deeper consideration.

A good example is health insurance for it is a big concern in Cambodia.

This is because the health fee is expensive and must be properly insured. In fact, numerous people have encountered many problems with inappropriate medical treatments when they cannot afford the increasing expenditures, and these leave various negatives.

If they have the insurance, in contrast, I think it will compensate them at a better satisfaction.

Moreover, I find that accident insurance is worth buying for both local and international because it is another serious problem. Road crashes can occur anytime at anywhere without alarming, and a lot of people already got injured.

Personally, I also buy this type of insurance for its necessity, so there is no worry about any bad cases. I think those who like to travel and take adventures, especially for foreign tourists, it is better to get insurance to avoid any risks.

More importantly, insurance in Cambodia is significantly accepted by either medium or high class families. They can afford the charges and start to see the advantages, and it is easy for them not to worry too much about any risks.

In fact, it is noted that there are more insurance agencies are blooming in the society to meet the growing demands.

I hope people will better understand the values of having insurance in the short future.

Indeed, while Cambodian people cannot afford to have all kinds of insurance, it could be very importance for them to have some certain kinds of insurance.

I think it is necessary to have only some types of insurance in this country such as health and accident insurance while some others are not necessary yet for them.

Seeing the new trend, there will be an increase of insurance demands in Cambodia society, and I strongly believe it will become a new good choice for risk management.