Insurance liberalisation must strike delicate balance in Myanmar

Insurance is normally a highly competitive industry, but in Myanmar – only recently opened to the international market – that competition is highly controlled. Nyo Myint, Vice Chairman of IKBZ Insurance, explains that although the monopoly of the state-owned Myanma Insurance has ended, the country’s 12 insurance companies are still relative novices. Myanmar’s insurance industry […]

Sompo Japan offers car insurance in Myanmar

Sompo Japan Nipponkoa Insurance has entered Myanmar’s auto insurance market in a first for a foreign company. The Japanese nonlife insurer recently began selling car insurance in the Thilawa special economic zone to the southeast of Yangon. It will mainly market vehicle insurance, as well as bodily injury and property damage liability coverage, to customers […]

Jardine Lloyd Thompson opens local office

Jardine Lloyd Thompson officially opened its Myanmar representative office on September 12, joining a growing list of international insurers with local offices. Foreign insurers are generally barred from working inside the country, with the exception of three firms which received licences to operate in special economic zones earlier this year. Authorities have said they will […]