Foreign insurance companies to be allowed to enter Myanmar

Foreign insurance companies will be allowed to run in Myanmar under the arrangement of the Insurance Supervisory Committee, said Dr Sandar Oo, managing director of Myanma Insurance, during Myanmar Insurance Summit 2018 held at Sule Shangri-La Hotel in Yangon on February 22.

“If foreign insurance firms are allowed to operate here, they will bring here investment, technology and expertise. Then we will able to give insurance protection to the people. Through cooperation, we will gain experience. Another thing is that we will have our rivals. As we have the committee for management affairs, we can seek ways to benefit both local and foreign companies. Foreign companies will be entering our country soon. The supervisory committee will announce soon,” said Sandar Oo.

As there are few people who have insurance cover at Myanma Insurance, foreign companies will have many chances here, she added.

Adviser Myint Han of First National Insurance said: “In a developing country, joint venture is necessary. Without foreign investment, we cannot develop. When it comes to investment, the amount the government has set for an insurance company to invest is large. We need insurance technology rather than money. Expertise is the main thing we need to improve our insurance service. We have now few experienced people. When we run our insurance companies in partnership with foreign firms, we will improve.”

Myanmar earns just 0.07 percent income from insurance services. Only 86 in 1,000 people have insurance.

Source: Eleven Myanmar

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