The Myanmar Government is, reportedly, planning to allow foreign insurance firms to operate in the country, initially in a special economic zone southeast of Yangon.
Nikkei Asian Review reported that a high-ranking official has notified insurance companies of the government’s decision.
As part of the plans, foreign companies that are already existing in the country will be allowed to apply for licenses to offer products such as fire, cargo and other insurance in the Thilawa special economic zone, reported the news agency.
The firms can apply for the licenses by the end of this year and are expected to be granted in the spring of 2015. Additional products that will be allowed for offering on a limited basis include life and medical insurance.
Around 15 foreign insurers are currently carrying out market research and a range of activities in the country. Of them, four are Japanese firms, Tokio Marine & Nichido Fire Insurance, Mitsui Sumitomo Insurance, Sompo Japan Nipponkoa Insurance and Taiyo Life Insurance.
Source: Insurance Business Review