Japan supports Myanmar in developing marketDecember 29 2015 by InsuranceAsia News Staff
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
- January 21
China has recommitted to opening up its market to foreign insurers.
- January 21
Minimum capital requirements of P900m are necessary by the end of the year.
- January 8
Insurance Council of Australia wants more information from the Australian Securities and Investments Commission.
- January 4
Officials said on Wednesday that they are finally ready to award licences to foreign insurers.