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Myanmar permits reinsurance, new categories for general insurance

Myanmar has permitted the business of reinsurance and three new categories of general insurance in the country under two new directives – (4/2020) and (6/2020) – issued by the Insurance Business Regulatory Board (IBRB) on May 12. The three new categories are: Industrial All Risk, Construction All Risk/ Erection All Risk, and Bailee’s Liability Insurance. […]

Insurers authorised to provide bancassurance in Myanmar

Prudential Myanmar Life Insurance Limited, a subsidiary of UK-based Prudential plc, has signed a partnership with Yoma Bank to provide Myanmar customers with life insurance solutions. The two firms signed a memorandum of understanding allowing Yoma Bank to distribute Prudential Myanmar’s savings and protection products at its branches across the country, according to a release […]

Insurance association to introduce CII qualifications

The Myanmar Insurance Association (MIA) is set to introduce qualification programmes of the UK’s Chartered Insurance Institute (CII) to Myanmar. The two industry bodies inked a deal late last year for MIA to hold exams for CII qualifications from April onwards. CII exams are held twice every year in April and October. Candidates in Myanmar […]

AIA formally launches operations in Myanmar

AIA formally launched its operations in Myanmar with an opening ceremony on January 18, marking its entry into what is considered the new frontier for insurance in Southeast Asia. The launch event was dubbed ‘UN in Yangon’ (Un is French for ‘one’), and featured performances from top singers in Myanmar, including Esther Dawt Ching Sung, […]

Myanmar’s economy to shine in 2020?

It was reported recently that the ASEAN +3 Macroeconomic Research Office (AMRO) had given Myanmar’s economy a positive outlook for the fiscal year of 2019 to 2020, expecting it to expand by 7.1 percent up from 6.8 percent in the previous fiscal year. This is largely thanks to reform momentum, improving business sentiments, growth in […]

AIA teams up with two local firms for Myanmar venture

AIA will partner with local firms AYA Financial Group and Max Myanmar Group (AFG Max) to set up its life insurance venture in Myanmar. The new venture will leverage AFG Max’s extensive retail customer and business partner networks to offer life and health insurance to the newly opened-up market, the Myanmar Times reported. AIA is […]

IKBZ Insurance Testing KyoPay’s Invoice Discounting Platform

Looking to diversify its investment portfolio, IKBZ Insurance has signed up to KyoPay’s invoice discounting platform to do a series of pilot transactions with vetted account receivables from local and foreign businesses in Yangon. During the first stage of the pilot phase, IKBZ will be purchasing business-to-business (B2B) receivable invoices arising from sales on credit […]

Myanmar awards insurance licences to five foreign providers, six joint ventures

The Financial Regulatory Department today awarded licences to five foreign insurers and half a dozen joint ventures to operate in the Myanmar market. British Prudential, Japanese Dai-ichi Life, Hong Kong AIA, US Chubb and Canadian Manulife have been permitted to issue life insurance policies in Myanmar with their fully-owned subsidiary, more than half a year […]

Myanmar to commence 10-year bond auctions ‘soon’

Myanmar will start auctioning 10-year sovereign bonds to meet demand for long term debt from the newly minted insurance industry, said Daw Si Si Pyone, Director General of the Treasury Department under the Ministry of Planning and Finance (MoPF). “We are planning to launch auctions for 10-year government treasury bonds soon as demand, mainly from […]

Letter: Insurance shouldn’t be excluded from competition policy

MADAM – I am writing to raise two concerns in response to your September 27 article “State insurer to be exempted from competition watchdog”. The major concern lies with the prospect of the insurance sector being exempted from the Competition Law. In this regard, I agree with your unnamed source that “If the competition law […]