Jardine Lloyd Thompson (JLT) plans to offer reinsurance services to state-run Myanmar Insurance Enterprise (MIE), the British insurance firm said after it opened its representative office in Yangon on September 12.
The company joins a growing list of international insurers that have established local offices in Myanmar after the country opened its doors to foreign investors. However, the firm’s presence will be limited to sharing its knowledge and expertise with Myanmar insurance companies and local businesses as it will not be allowed to provide services directly.
Before doing business, the company will do market research and offer corporate social responsibility services, JLT said.
“We are welcoming our old friend to come and work in our country again. JLT gave reinsurance to Myanmar Insurance Enterprise a long time ago,” said Dr Maung Maung Thein, deputy minister of finance. JLT left the country when US sanctions on Myanmar began, he added.
“We are giving training to Myanmar Insurance Enterprise employees. We do not have permission to operate fully-fledged insurance services yet, but if Myanmar Insurance Enterprise can’t handle the large amount of money and ask for our help, we are ready to help,” said Claire Madar, chief representative of JLT’s Myanmar office.
There are about twenty foreign representative offices in Myanmar currently but they are not allowed to offer insurance services yet but they can do market research and corporate social responsibility services.
“Representative offices haven’t been here for even three years. If they meet required criteria they will be given a chance to operate. The most important thing is to contribute to the development of the Myanmar insurance ecosystem,” said by Dr Maung Maung Thein.
However, the Myanmar government has already allowed three Japanese companies to operate at Thilawa Special Economic Zone, which is a Japanese-backed project.
Source: Myanmar Business Today