The Myanmar Insurance Business Supervisory Board has announced that it will allow private companies to offer marine cargo insurance.
Dr Maung Maung Thein, chairman of the board, said: “Now private insurance companies have got experience we will allow them to deliver new insurance services.”
Since its inception, the board has allowed six types of insurance: life, fire, motor, money security, third-party liability and cash in transit. Special travel insurance was later added to the list.
Currently, Myanma Insurance is offering 46 types of insurance. It monopolised insurance services from 1952 but in 2013 it started granting insurance licences to private providers with capital of Ks46,000 million for life insurance. Sixty per cent of the paid-up capital can be used for general expenses and the other 40 per cent has to be kept with Myanma Insurance for compensation.
Domestic firms include First National, IKBZ, Young, Global, Capital Life, Grand Guardian, Global World, Excellent Fortune, Aung Thitsar Oo, Citizen Business, Ayar Myanmar, Aung Myint Mo Min and Pillar of Truth.
Source: Eleven Myanmar