SOM Phay, DBA

Mr. Phay Som has joined the general department of financial industry of the ministry of economy and finance as an assistant general director since Jan 2015. 25 months later, he was promoted to the position of deputy head of the supervision division of the insurance and pension department of the general department of financial industry. Step by step, he was promoted as head of the supervision division of the insurance and pension department, deputy department director, and then, in June 2021, he was promoted to become Deputy Director General of the Insurance Regulator of Cambodia, and then, in December 2021, he was promoted to become the deputy secretary general of the Non-Bank Financial Service Authority.

He will defend his Executive Doctorate in Business Administration (EDBA) in September 2022 at Business Science Institute. His topic was “Financial Performance of Insurance Companies in a Rapidly Growing Economy: the Case of Cambodia” under the supervision of professor Marco Heimann.

Pr Marco Heimann

Financial performance and risk of insurance companies in rapidly growing economies: the case of Cambodia

The number of participants in the insurance marketplace has grown over the last decade, with 38 companies currently offering services across the country. As a result of the increased rivalry. the dynamics of operations have altered. But literature does not find what affects Cambodian insurance company’s financial performance. This research aims to consider traditional and Cambodia’s country-specific factors of insurance companies’ financial performance in Cambodia. It uses inferential statistics with balanced panel data from insurers for 11 years (2009–2019). It deploys explanatory analysis where OLS regression models examined the association between dependent and independent variables. Results will show general factors and factors specific to the Cambodian context, which will help improve financial performance in insurance companies. Organizations can prioritize these factors in their strategies. The research examines the correlations between many elements and insurance companies’ financial performance in order to ensure that their assets are liquid enough to meet both present and future commitments. The research also revealed that regulators and financial management reduce the impact of Cambodia’s contextual elements on the insurance companies’ financial performance. They may do so by taking steps to boost the country’s real GDP, which will boost the country’s economic development as well as the insurance industry’s.