Sunday, July 23, 2017

Japan supports Myanmar in developing market

Myanmar’s insurance market has the potential to grow by as much as US$40 billion and Japan is helping the country develop its insurance industry.

According to the Yomiuri Shimbun, Japan’s Financial Services Agency (FSA) and the country’s insurers have been providing assistance to Myanmar in developing its market.

The FSA believes Myanmar will keep to its plan of opening its insurance market to foreign players in the future regardless of its new leader Aung San Suu Kyi taking over.

The FSA, in coordination with Japanese insurers, is set to provide officials of the newly launched Financial Regulatory Department in Myanmar with training programmes, and to share expertise on insurance industry supervision.

Japan’s three major nonlife insurance companies – Sompo Japan Nipponkoa Insurance, Tokio Marine & Nichido Fire Insurance, and Mitsui Sumitomo Insurance – became the first foreign insurers to be authorized to operate in Myanmar’s Thilawa Special Economic Zone.

Aside from Japanese insurers, major European and US insurers are also interested in Myanmar, the Yomiuri Shimbun report added

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