Private companies soon to be permitted 20 types of insurance

The private insurance companies will be permitted to provide 20 types of insurance very soon for the development of the local insurances, according to a report in the Myawady Daily yesterday. Initially, Myanmar Insurance has permitted private companies only six types of insurance out of 46. Later on, the private companies were permitted to provide […]

Crop insurance, land reform and investment are essential to Myanmar’s agricultural sector

Q: What is the state of the rice industry in Myanmar? A: The government relaxed its control of the rice industry in 2003. Since FY2012-2013, rice export volume has exceeded one million tons per year. Q: Rice from Myanmar does not meet international standards and fails to sell for good prices in the international market. […]

Myanmar Readies Reforms to Liberalize Insurance Market

NAYPYITAW — Myanmar intends to release within three months a blueprint for insurance market reforms that include allowing foreign insurers to underwrite and sell policies, the head of state-run Myanma Insurance said here Wednesday. Managing Director Sandar Oo outlined the reforms from the Ministry of Planning and Finance, which oversees Myanma Insurance, in a presentation at Myanmar Investment […]

Manulife Awaits License

Canada’s Manulife insurance company is waiting for permission, and will begin its business once the government permits, said Indren Naidoo, the company’s regional executive on May 29. Naidoo said that the company has had an office in the country since 2014 yet was waiting for a official permit. He said that he was confident the […]

Insurance in Myanmar: Spreading the Risk

Even though insurance has been around for over one hundred and fifty years in Myanmar, it has all the makings of a new phenomenon.  Before independence in 1948, there were between eighty to one hundred firms operating.  As a republic with a short stint of democracy at its birth and subsequent decades of military rule, […]

Credit Guarantee Insurance Not Helping Small Businesses

  Credit guarantee insurance was introduced under the former government in 2014 but the system has not been widely adopted by banks and businesses. As a result, financial support for SMEs remains inadequate. So far, CB bank has offered loans to 21 businessmen, KBZ has given loans to only three, and banks are still unable […]

Licenses issued for more than 280 trawlers, 161 boats in Maungtaw Tsp to overcome fishing challenges

Despite resumption of fishing which was suspended following deadly violent attacks in November and October and November last year, fishermen in Maungtaw District, Rakhine State, are facing challenges for nearshore fishing at night due to curfew order and labourers who have not yet received the National Verification cards. “More than four-month ban on fishing has […]

MEB, six private banks to lease K30 billion to SMEs

Myanma Economic Bank, teaming up with six private banks will give K30 billion loans to small and medium enterprises (SMEs), according to Ministry of Industry. The country’s SMEs can acquire loans from the Myanma Oriental Bank, Ayeyawady Bank, from Co-Operative Bank (CB), commonly known as CB Bank, the Myanmar Citizens Bank, the Kanbawza Bank and […]

Public buses and taxis lack full insurance

Long-distance buses – including those that ply the notorious “Death Highway” between Yangon and Mandalay – lack sufficient insurance coverage, insurance officials say. They have embarked on a campaign to persuade bus companies to take out insurance so they can compensate passengers for their injuries in the event of an accident, and say that many […]

Emerging Myanmar discovering it pays to insure

YANGON – It was only when Aye Aye Nge’s pharmacy burned down for the second time that she thought about taking out insurance, a novelty in impoverished Myanmar where most people either can’t afford to buy premiums or don’t trust those selling them. The two blazes — one in 2010 and then in January this […]