Asia’s third largest insurer, the American International Assurance (AIA) Group Ltd will open representative office in Myanmar.
Chief executive Mark Tucker is reported as saying that AIA planned to open the office later this year, although he did not expect Myanmar operations to become material for at least five to 10 years.
Up to six months ago, Myanmar’s insurance sector had been under the monopoly of state-owned Myanma Insurance. Since then 12 local private companies were given licenses to sell insurance products, which are expected to begin in mid-2013. The 12 include Japanese firms Sompo Japan Insurance, Mitsui Sumitomo Insurance, Tokio Marine Insurance, and Taiyo Life Insurance