Monday, July 24, 2017

Japanese insurers to offer liability cover in Myanmar

Three Japanese insurers — Sompo Japan Nipponkoa Insurance, Mitsui Sumitomo Insurance, and Tokio Marine and Nichido Fire Insurance — have been granted permits to offer liability insurance in Myanmar.

News website Eleven Myanmar reported that the three foreign insurers would only be allowed to offer insurance products in Thilawa Special Economic Zone.

The report added that prior to the decision to give the three Japanese firms licences to offer liability insurance, Myanmar had only allowed foreign insurers to offer life, fire and all-purpose vehicle insurance.

The three Japanese insurers each paid licence fees of US$30,000 and will pay another US$10,000 in annual charges.

The Japanese insurers were given permits based on their experience and after complying with other requirements, such as the minimum investment of US$3 billion to operate in Thilawa Special Economic Zone.

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