Crop insurance begins to take root in Myanmar

Local insurer Global World Insurance Co (GWI) is expanding its crop insurance pilot project with the signing of an agreement with a private contract farming business, U Soe Win Thant , the director of Global World Insurance, revealed. In 2016, Global World Insurance submitted a proposal on offering crop insurance to the Insurance Business Regulatory […]

Foreign insurers will be allowed to operate locally by 2018-19: IBRB

The Insurance Business Regulatory Board (IBRB) will allow foreign insurance companies to do business in the country in the new 2018-19 fiscal year, which will commence October 1, U Zaw Naing, the board’s secretary, said on August 28. He said the IBRB, which was established by the Ministry of Planning and Finance in 2016, will […]

Insurance firms suffer under restrictive policies

Outdated policies, uncompetitive premiums and restrictive procedures imposed by the government’s Insurance Business Supervisory Board (IBSB) are hindering efforts by newly established insurance firms to find their feet ahead of a plan to open the market to international firms next year, according to industry sources. Several privately run local insurance firms have opened for business […]