Myanmar opens doors to three foreign insurersFebruary 20 2018 by InsuranceAsia News Staff
At least three foreign insurers will soon be allowed to operate in Myanmar by May, as part of the country’s efforts to liberalise the local market.
Channel News Asia quoted the newly formed Myanmar Insurance Association as saying that at least 21 joint venture licences for general and life insurance are also likely to be issued in May.
The news has been long awaited since the previous government liberalised the sector five years ago, enabling life insurance companies to offer products with restrictions.
Myanmar Insurance Association secretary Thaung Han said local players strongly opposed the 100% liberalisation of the sector but that the government saw the benefit of the move to the economy.
Myanmar’s insurance industry was monopolised by Myanma Insurance until 2012, when companies issued licences to foreign insurers.
By May, the government is expected to issue licences to three foreign insurance firms to operate as wholly-owned international entities, without the need to partner with a local firm.
- March 6
As insurers reach the implementation phase of IFRS 17 there is plenty of work ahead.
- February 28
Insurance Council of Australia chief executive Rob Whelan warns of need for balance to reforms.
- February 27
Insurance firms will need to set up offices in Labuan to benefit from its 3% tax rate.
- February 25
The Chinese government has yet to find an investor for the insurance giant.