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Indian insurer to open office in Myanmar

India’s state-owned New India Assurance has announced it will open a representative office in Yangon, after registering at the Directorate of Investment and Company Administration on September 5.

Established in 1919, it operates insurance businesses in 23 countries, including Japan, Hong Kong (China), the Philippines, Thailand, Australia, Britain, New Zealand, Kuwait and Dubai.

There are already 13 foreign insurance representative offices in Myanmar. Once New India Assurance opens its office, it will become the 14th foreign company entering the insurance sector.

The government allowed domestic private insurance firms to operate last year, ending the monopoly of state-owned Myanmar Insurance.

Currently, four Japan-based insurers have representative offices in Myanmar: Sompo Japan Insurance Inc, Mitsui Sumitomo Insurance Co Ltd, Tokio Marine & Nichido fire Insurance Co Ltd and Taiyo-Life Insurance Co Ltd. Thailand’s Poema Insurance, Hong Kong’s American International Assurance Co Ltd, South Korea’s Samsung Life Insurance Co Ltd and Singapore’s Great Eastern Life Assurance Co Ltd also have representative offices.

UK-based Prudential Holding Ltd and Willis Group, Bermuda-based ACE INA International Holding Ltd, Pana Harrison (Asia) Pte Ltd, and Canada’s Manulife Financial Life Insurance also have representative offices here.

Source: ELEVEN MYANMAR

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