Myanmar opens doors to three foreign insurers

February 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.

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