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 […]

Crop insurance to soon be offered

Crop insurance, which is of vital importance in agro-centric Myanmar, will soon be available to farmers who must regularly risk floods and other natural disasters that could potentially wipe out their harvest and their income for the season. A supervision committee on private insurance enterprises announced that private insurance companies established after 2013 will be […]

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 […]