Celebrating its 25th anniversary, the company has maintained the largest market share in Cambodia and strengthened its position as an industry leader in the emerging Southeast Asia.
From its inception in 1999, Forte sought to bring international standards to the insurance industry of Cambodia which was still in its embryonic stage. With its vision to protect and empower everyone in the region for a better future—one person, one business at a time—being forward-thinking and customer-centric was instrumental to growing Forte into the industry leader it is today. This growth mindset led to Forte later expanding its general insurance business in Laos, with the establishment of Forte Laos in 2018 and started Forte Life in its home country, Cambodia.
(Mr. Carlo Cheo, Forte’s founder)
Under the leadership of Forte’s founder Carlo Cheo, Group Executive Chairman Charles Cheo, and Group CEO Youk Chamroeunrith, Forte Group has achieved and maintained the largest market share of 45% (general insurance, gross premium metrics) and 60% (life insurance, customer base metrics) in Cambodia, further solidifying its reputation as a reliable insurance provider. They have led Forte to develop accessible and affordable insurance products specifically tailored to people’s needs and circumstances.
(Mr. Charles Cheo, Group Executive Chairman)
We wish to thank our regulators, customers, business partners and suppliers for their unwaving support and guidance given to us over this 25-year journey. We would not have accomplished this much without their blessing and feedback.
Forte has successful rollout agriculture insurance amongst farmers. Understanding the crucial role of agriculture in Cambodia’s economy and the financial vulnerabilities of farmers, Forte has extended its agricultural insurance to underserved communities in the face of climate change.
Bringing insurance solutions to the wider community, Forte have launched a pilot of Weather Index Crop Insurance (WICI) in Cambodia, aimed at protecting small-scale farmers from severe losses caused by natural disasters such as drought or excessive rain. This initiative aims to safeguard the livelihoods of vulnerable people and cushion them from negative financial impacts. Through these efforts, Forte was recognised by ASEAN as Cambodia’s Best Inclusive Business Company in 2023.
Capitalizing on a strong and trusted brand “Forte”, Forte Life has gained #1 Market Share of 60% (number of lives) in Cambodian life insurance industry. We are also #1 in providing life insurance solutions for the private sector employees. In 2023, we received international awards for our Fastest Growing Life Insurance Company and Most Innovative Corporate Life Insurance Provider from International Finance.
Moreover, the Forte management team’s strategic vision has been instrumental in embracing digitalisation and pivoting the business model to consumer lines. Their innovative mindset and dedication to staying ahead of the curve have been crucial in ensuring the company's resilience in the face of evolving market dynamics. This includes the adoption of better technologies to improve operational efficiency and customer service, as well as the development of new business models to further expand into the consumer market.
The management’s efforts to continually improve have resulted in Forte’s financial strength rating of AA being recently elevated to AA+ on a national scale by the Global Credit Rating (GCR), an affiliate of Moody’s. This upgrade reflects Forte’s strong market position and financial strength. They have also initiated a rigorous training program, ensuring employees are equipped to navigate the digital shift and to nurture and retain Forte’s talented workforce, some of whom have stayed with the company for over a decade and more.
“We are profoundly honoured to receive these Asian Management Excellence Awards and Best General Insurance Awards, exceptional stewardship and resilience, combined with the dedication and diligence of our management team in putting customers at the heart of everything we do. We would like to express gratitude to each and every one of our customers for being an integral part of Forte’s success for the past 25 years. With this prestigious accolade and recognition, we reaffirm our commitment to empower everyone in the region to live with confidence” Mr. Youk Chamroeunrith Group CEO said.
(Mr. Youk Chamroeunrith, Group Chief Executive Officer)
Looking ahead into the new quarter-century, we are filled with excitement and optimism. The future holds endless possibilities where we renew our pledge to uphold the values that have guided this company since its founding. Together with our regulators, business partners and suppliers, we will write the next chapter of Cambodia’s insurance sector and the region, offering even much better customer experience for our customers, and our communities.
