Dai-ichi Life seeks higher market share in South-East Asia

April 7 2017 by InsuranceAsia News Staff

Dai-ichi Life seeks to increase its market share in the rapidly developing South-East Asian insurance market after it received permission to open a representative office in Myanmar.

Dai-ichi Life, the third-largest life insurer in Japan by revenue, becomes only the second Japanese life insurer to open an office in Myanmar; Taiyo Life Insurance was the first in 2012.

The Japanese insurer has been aggressively pursuing business opportunities in Asia, establishing presence in Vietnam, India, Singapore, Indonesia and Thailand.

Myanmar’s population of 53 million and an economic growth rate of 7% have made the country attractive for insurers like Dai-ichi Life.

The insurer received its permission to set up office in Yangon from a government agency under the Ministry of National Planning and Economic Development of Myanmar.