Swedish company behind first death related micro-insurance payout in Cambodia

Bima

A Swedish micro-insurance company that sells insurances for less than USD 1 a month just made a USD 10.000 payout after a 90 year old woman died from a fall. According to Phnom Penh Post this is the first payout of its kind in Cambodia.

Micro-insurance company Bima got their license this April and just made their first death related payout. A micro-insurance is an insurance scheme that targets people with a very low income who are ignored by mainstream insurance schemes.

Head of Bima in Cambodia, Sithy Lay, told Phnom Penh Post, that the payout was made under the terms of personal accident coverage, a type of coverage which in contrast to a death coverage has no age limit. The company always ensures that customers above 65 years are in very good health.

“We have verified their claim in detail – including seeing some of her prior medical records and concluding within reason that the proximate cause for her death was an accident – a fall,” Sithy Lay told Phnom Penh Post.

Bima is the Cambodian arm of Swedish microinsurer Milvik AB and according to their Facebook page they offer three different packages. USD 3 for 3 months of coverage, USD 6 for 7 months or USD 12 for 15 months.

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