Myanmar to Grant Licences for More Types of Insurance ‘Soon’ as Industry Liberalises

Myanmar finance authorities have submitted a pro­posal to the government on seeking permission to grant operation of all types of insurance servic­es to the private sector. Licenses for all 40 types of insurance plus addi­tional farmers’ insurance and overseas employment life insurance are expect­ed to be granted by the government soon, said U Kyaw Win, […]

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 […]

Automobile Service Centre Hopes to Revitalise Insurance Sector

The Tokyo Auto Service Japan Co Ltd, an automobile service centre that will not only repair damaged vehicles but also provide automobile insurance services, opened its doors in Yangon. The company said it noticed that car owners from Myanmar are not interested in buying insurance for their cars. Therefore, the company wants to try to […]

Marsh Opens Myanmar Rep Office to Tap Insurance Broking Business

American insurance broking and risk management firm Marsh has opened its Yangon representative office in Myanmar. The Marsh Singapore Yangon Representative Office will conduct market research and feasibility studies for insurance broking business in Myanmar, and provide business support and liaison activities on behalf of Marsh Singapore’s businesses, the company said. Marsh Singapore is a […]

IKBZ Opens Meikhtila Branch, Plans More Expansion

Local insurer International KBZ Insurance (IKBZ) Co Ltd has opened a branch office in Meikhtila in Mandalay region in a bid to tap the nascent insurance market of the country. Meikhtila office is one of the 13 branch offices of IKBZ in Myanmar and the second in Mandalay region. IKBZ, which started operation in 2013, […]

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 […]

Marine cargo insurance available

The Myanmar Insurance Business Supervisory Board has announced that it will allow private companies to offer marine cargo insurance. Dr Maung Maung Thein, chairman of the board, said: “Now private insurance companies have got experience we will allow them to deliver new insurance services.” Since its inception, the board has allowed six types of insurance: […]

Japanese firms apply to operate in SEZs

Among the international insurance firms that have representative offices in Myanmar, only Japanese firms have applied to operate in special economic zones, according to the supervisory board of Myanma Insurance. Sixteen foreign insurance firms have opened representative offices in Myanmar, but they have not begun operations since regulations have not yet been fully disclosed. “We […]

15 foreign insurers operating through proxies

Although international insurance companies are not allowed to trade in the union, 15 representative offices of foreign firms are operating, according to Myanmar Insurance Business Supervisory Board. A spokesperson from Manulife Financial said: “The Ministry of Finance decides if a business can operate. Currently, as Myanmar is not familiar with insurance, discussions and public talks […]

Government hopes to start insurance scheme next January

A ground-breaking scheme is being launched that will enable Myanmar citizens to take out insurance covering health, insurance and the effects of bad weather in the next few months. says U Maung Maung Thein, deputy minister for Finance and Revenue. Speaking to the media at Mya Nan DawHOTEL IN Nay Pyi Taw on August 28, […]