Jardine Lloyd Thompson officially opened its Myanmar representative office on September 12, joining a growing list of international insurers with local offices.
Foreign insurers are generally barred from working inside the country, with the exception of three firms which received licences to operate in special economic zones earlier this year. Authorities have said they will open the door further to foreign insurers, though no timeframe has yet been announced.
Jardine Lloyd Thompson is registered in the United Kingdom, though it has operations around the world. It claims to be the world’s fourth largest reinsurer, and also operates a number of other insurance-related businesses.
The firm held an event to launch its Myanmar representative office on September 12 at the Novotel Hotel in Yangon.
Mark Johnson, chief executive officer Jardine Lloyd Thompson (JLT) – Thailand, said the firm is excited to establish a Myanmar presence, where it sees expanding economic opportunities bringing greater demand for insurance and risk advice.
The firm – like all foreign insurers in Myanmar without permission to operate in the special economic zones – has a licence for a representative office. This precludes JLT from providing its services directly.
“Instead, it allows JLT to share its knowledge and expertise with Myanmar insurance companies, and local business, with the opportunity
to connect directly through JLT across its global network,” said Mr Johnson.
The Yangon office will also act as a source of information for the company’s international clients looking to invest in Myanmar, he added.
Jardine Insurance Brokers was formed by Hong Kong-based conglomerate Jardine Matheson. The firm became JLT in 1997 in a merger with Lloyd Thompson Group, though Jardine Matheson retains a 40 percent stake in the business, according to its website.
A number of large, foreign insurers have been establishing a local presence.
American giant MetLife, Canadian firm Manulife and Japanese company Mitsui Sumitomo Insurance Group all have permission to have a local presence.
Deputy finance minister U Maung Maung Thein said that another foreign representative office is set to open on September 19.
Tokio Marine & Nichido Fire, Mitsui Sumitomo and Sompo Japan Nipponkoa all have permission to work in Myanmar’s special economic zones. Of the three zones, Thilawa is seen as the one that has progressed the furthest.
Source: Myanmar Times