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S Korea’s Dongbu Insurance enters market in Myanmar

South Korean insurance company Dongbu Insurance has officially entered the insurance market of Myanmar after opening an office in the capital Yangon.

Dongbu Insurance, which provides non-life insurance products in South Korea and internationally, would offer non-life insurance services in Myanmar, Kim Jeong Nam, the insurer’s president, said during the opening ceremony at the Sule Shangri-La Hotel.

With the opening of its office in Yangon, Dongbu Insurance becomes the 16th international insurance office to open in Myanmar.

The entry of foreign insurers in Myanmar came after the government instituted reforms to open its insurance market.

The country’s deputy minister for finance, Dr. Maung Maung Thein, expressed optimism that Dongbu would cooperate with the government to develop the country’s insurance market.

Myanmar’s insurance market used to be monopolised by Myanma Insurance but the government reform has allowed private insurance firms to enter the market.