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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 […]

German firm to advise central bank of Myanmar on licensing foreign lenders

Amid the ongoing liberalization of Myanmar’s financial sector, the central bank has hired a German consulting firm to provide advisory services on the process of awarding licenses to foreign banks looking to do business here. The Central Bank of Myanmar (CBM) announced on Tuesday that Germany’s Roland Berger Company Limited was chosen from among four […]

Insurance, banking and electricity to see more investor interest

While the oil and gas industry has the seen the most interest from investors, banking and financial services, telecommunications and the manufacturing industries are expected to be the focus in the years ahead as the country’s economy grows. Data from the Directorate of Investment and Company Administration (DICA) shows that since 2016, the manufacturing industries […]

Economy outlook positive pending reform acceleration, says World Bank

After a period of volatility during the six-month transition period between April and September 2018, growth in Myanmar has stabilised and the economy is expected to expand at a rate of 6.5 percent in the current 2018-19 fiscal year, according to the World Bank’s June 2019 Myanmar Economic Monitor. Supported by higher productivity in the […]

Foreign insurers bring disruption in untapped Myanmar market

Myanmar’s insurance market will soon face a sea change led by technologies and expertise brought in by foreign companies. A total of 14 foreign insurers will enter the Southeast Asian country’s market by the end of this year through either wholly owned subsidiaries or joint venture companies with local peers, the Nikkei Asian Review has […]

Reforms aim to improve social security system

The Social Security Board says it is cooperating with the International Labour Organization (ILO) to implement an all-inclusive social security system in Myanmar. Reforms will be made to social security information, management, health assistance and legal affairs, said U Maung Maung Aye, director general of the board. “We are developing a management information system for […]

Allowing foreign insurance companies into local market

People save part of their income to deal with the inevitable consequences of old age, sickness and death for themselves as well as for their near and dear one. However mishaps like sickness and deaths occurs not only when a person gets old. It can happen anytime anywhere. Due to illnesses, accidents, carelessness of self […]

New policy aims to raise number of new cars on the road

The Ministry of Industry launched a new automotive policy this month, with the aim of supporting transport and auto-related business through sustainable development and more foreign direct investments. Under the new policy, the usage of left-hand drive vehicles will be promoted for road safety purposes. Control measures on imports of used right-hand drive vehicles, which […]

Four local life insurance providers form JVs with foreigners

Four domestic life insurers will cooperate with their foreign counterparts to form joint ventures in Myanmar, according to the Myanmar Insurance Association (MIA). Citizen Business Insurance (CB Insurance), First National Insurance, Grand Guardian Insurance and Capital Life Insurance will form joint ventures with foreign insurers, said U Thaung Han, managing director of CB Insurance and […]

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 […]