Outdated policies, uncompetitive premiums and restrictive procedures imposed by the government’s Insurance Business Supervisory Board (IBSB) are hindering efforts by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 […]
Private Insurance Industry Finds its Feet
November 21, 2013 by
YANGON — Private insurance in Myanmar is still in its infancy and will need time to fully develop after more than half a century of domination by a government-owned company, say some of those now hoping to transform the industry. Earlier this year, Myanma Insurance, the sole insurer in the country since 1952, took the […]
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