Why Myanmar’s Insurance Market is the Next Big Thing

Myanmar’s insurance market currently remains closed to foreign insurers, but this is soon set to change. Like banking before it, it is predicted that the Myanmar’s insurance market will be liberalized sometime this year. This presents enormous opportunities but also enormous challenges. Currently, there are 24 foreign insurers with representative offices in Myanmar, which in […]

The insurance queue just got longer

Myanmar has a historic connection with the insurance industry. Almost 80 insurance companies operated in the market from the mid-19th century till the mid-20th century, and a large number of them were foreign companies. But things changed in the 1960s when the industry was taken over by the government and all foreign insurers in the […]

North Sea Expertise Supporting Myanmar’s Deep Water Exploration

The Secretary of State for Scotland David Mundell visited Myanmar on April 3-5 to promote and discuss developments of UK-supported projects in offshore oil and gas sector. The projects were initiated back in September 2015 when U Pe Zin Tun, as permanent secretary of the Ministry of Energy, led a delegation to Aberdeen. With the […]

MetLife Eyes Untapped Insurance Market with Rep Office

American life insurer MetLife Inc has launched a representative office in Myanmar in a bid to tap the country’s nascent life insurance industry. MetLife received a licence for its representative office in Myanmar in 2013, along with 17 other foreign insurers. The company said it is now working with government regulators as well as industry […]

AIA to open in Myanmar

Asia’s third largest insurer, the American International Assurance (AIA) Group Ltd will open representative office in Myanmar. Chief executive Mark Tucker is reported as saying that AIA planned to open the office later this year, although he did not expect Myanmar operations to become material for at least five to 10 years. Up to six […]