Myanma Insurance, India’s GIC Re sign MoU on reinsurance

Myanma Insurance and India’s state-run General Insurance Corp (GIC Re) signed an MoU in Yangon yesterday on amending laws related to insurance and reinsurance in Myanmar. Reinsurance is insurance that is purchased by an insurance company to protect it from insolvency after major claims events, such as major disasters such as hurricanes and wildfires. The […]

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 […]

Few have insurance but interest is rising

Few business people in Myanmar buy insurance policies to cover their lives, let alone goods and vehicles, said Dr Sandar Oo, managing director of Myanmar Insurance Enterprise (MIE), which is under the Ministry of Planning and Finance. “There are policies under the (MIE) which cover all the losses suffered,” she added. Moreover, the MIE is […]

Inter-Related Challenges for SMEs and Financial Sector

When developing a country’s economy, the success of small and medium-sized enterprises (SMEs) is a vital part and should be a priority for any administration which is keen to maintain prosperity. In order for strong businesses to emerge and compete with other regional enterprises, enterprises will need to grow and develop. For that to happen, […]

Manulife Awaits License

Canada’s Manulife insurance company is waiting for permission, and will begin its business once the government permits, said Indren Naidoo, the company’s regional executive on May 29. Naidoo said that the company has had an office in the country since 2014 yet was waiting for a official permit. He said that he was confident the […]