A.M Best Insurance Company is intended to open a branch office in Myanmar in 2015, said A.M Best CEO Dr. Roger Sellek in a meeting concerned with financial strength ratings on Friday held in Traders Hotel.
“When Myanmar’s Insurance Companies is stronger in next two or three years, the company will be opened a branch office to issue financial strength ratings. We are here to analyse Myanmar’s market,” the CEO said.
The financial strength ratings are important to compete with overseas companies and the local companies will compete with incoming overseas companies after becoming Asean communities. Besides, people will have faith over local companies, Deputy Minister for Finance Dr. Maung Maung Thein said.
A.M Best Company is founded in 1899 and the company started the financial strength ratings in 1906. It has regional offices in London and Hong Kong and bureau offices in Dubai and Miami. Myanmar Insurance Enterprise has allowed 12 private companies to work in insurance sector and so far it has given licenses to nine private companies.
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