Launch of TOKO Lao Assurance

(KPL) A joint venture TOKO Lao Assurance Co., introduced itself yesterday to the public, claiming it can ensure providing general and life assurance to the society. TOKO Assurance, the third assurance company in the Lao PDR, is a joint-venture investment between the government of Laos and Malaysian investor.
“We are very honoured indeed of having the Ministry of Public Security as our local partner in this assurance investment in Laos,” said President of the company Kong Hock Sian. “As the insurance industry is still at its infantry stage, we foresee that there is a gap that we can fill.”
The company is targeting mainly on the motor, fire and travel assurance policies. It also provides assurance contracts for home, workmen’s compensation, marine cargo, goods in transit, contractor’s all risk and equipment all risk, burglary, money as well as golfers, public liability and group personal accident.
TOKO Assurance is at the final stage of its actuarial study with the hope that some of its life assurance policies will be ready for the market during the last quarter of this year.
“We now have a law requiring all motor vehicles to be insured before allowing them on roads. Then, it was last year that we have the law enforcement to empower the police to fine those having no insurance coverage for their motor vehicles, said Minister of Public Security Thongbanh Seng-A Phone.

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