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Grab, Myanma Insurance partner to provide insurance coverage

Grab has partnered with state-owned Myanma Insurance to launch a group Personal Accident Insurance (PAI) scheme which covers its drivers and passengers in the case of an accident during a GrabTaxi, GrabThoneBane or GrabBike ride. It is the first ride hailing company to procure a group PAI policy in Myanmar, covering four-wheel, three-wheel and two-wheel […]

Insurance industry progressing at slow pace, foreign competition needed: AMI

It has been five years since the government first allowed private insurance businesses to offer their services in Myanmar in 2013. But further liberalisation is needed and the authorities have been saying they are close to allowing foreign insurance providers to operate domestically. In August, U Zaw Naing, secretary of the Insurance Business Regulatory Board […]

Myanma Insurance generates over Ks181 bn in state revenue in three years

The State has received over Ks181 billion in tax revenue from Myanma Insurance over the past three financial years, said Minister for Planning and Finance Myint Thaung during a session of Yangon Region Parliament held on September 21. The information came after Yangon Region MP Tint Lwin from Pazundaung Township Constituency No (2) asked the […]

Representatives call for review of SOE law

Representatives of Parliament have urged lawmakers to review an existing law under which the government must bail out loss-making State-owned enterprises (SOEs) with public funds. A total of 17 out of the 26 Myanmar SOEs under the Union budget are expected to turn a profit in 2018-19, commencing October 1, according to the Ministry of […]

Foreign insurers will be allowed to operate locally by 2018-19: IBRB

The Insurance Business Regulatory Board (IBRB) will allow foreign insurance companies to do business in the country in the new 2018-19 fiscal year, which will commence October 1, U Zaw Naing, the board’s secretary, said on August 28. He said the IBRB, which was established by the Ministry of Planning and Finance in 2016, will […]

Livestock insurance to be launched by year-end

Myanmar will launch an insurance policy covering livestock insurance for the first time in 30 years. “We estimate livestock insurance will be launched by year-end,” Daw Sandar Oo, managing director of Myanma Insurance, told The Myanmar Times. State-owned Myanma Insurance, the Department of Livestock Breeding and Veterinary under the Ministry of Agriculture, Livestock and Irrigation […]

Myanma Insurance, India’s GIC Re sign MoU on reinsurance

Myanma Insurance and India’s state-run General Insurance Corp (GIC Re) signed an MoU in Yangon yesterday on amending laws related to insurance and reinsurance in Myanmar. Reinsurance is insurance that is purchased by an insurance company to protect it from insolvency after major claims events, such as major disasters such as hurricanes and wildfires. The […]

Myanmar insurance industry poised for reform, awaits liberalisation

Insurance providers in Myanmar can expect a more competitive and promising landscape on which to do business in the near future. With market liberalisation, which will enable firms to offer a wider variety of insurance products, on the government’s agenda, local and foreign providers alike have already started training staff and building management and IT […]

Foreign insurance companies to be allowed to enter Myanmar

Foreign insurance companies will be allowed to run in Myanmar under the arrangement of the Insurance Supervisory Committee, said Dr Sandar Oo, managing director of Myanma Insurance, during Myanmar Insurance Summit 2018 held at Sule Shangri-La Hotel in Yangon on February 22. “If foreign insurance firms are allowed to operate here, they will bring here […]

Myanma Insurance to pay indemnities to Htoo Group

THE fire incident at Kandawgyi Palace Hotel will be classified as being 100 percent burnt-down and indemnities will be given within this month, U Lwin Oo, deputy general manager from Myanma Insurance, told The Myanmar Times. Yangon’s iconic Kandawgyi Palace Hotel, owned by U Tayza’s Htoo Group, was destroyed by a fire in the early […]