Insurance Giant AIA ‘Committed’ to Expansion in Burma—at Some Point

Hong Kong-based insurance company AIA Group wants to enter Burma, but will
wait for the country to “open up” more, the firm’s chief executive told
Nikkei Asian Review.

The Japan-based media outlet this week published an interview with Mark
Turner, the CEO of AIA, a company that already has a significant business
in Burma’s neighbor, Thailand, and also plans to expand into Cambodia.

It has been estimated that Burma’s insurance sector could be worth $2.8
billion by 2030. The government has begun to allow foreign insurers to
operate in the country. But tight regulations on the industry, which was
until recently monopolized by the state insurer, have largely kept out
private insurers.

Asia’s largest insurance company, AIA has had a presence in Rangoon since
2013, but at present it can only operate a representative office.

In his interview with Nikkei Asian Review on Wednesday, Tucker indicated
that the firm would like to expand its operation in Burma. But he suggested
that would only happen if the new National League for Democracy-led
government makes the right changes.

“At the right time, when they open up, we are committed to building a
business in Myanmar,” Tucker was quoted as saying.

 

Source: Irrawaddy

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