Sompo beats rivals to enter Myanmar’s auto marketJanuary 7 2016 by InsuranceAsia News Staff
Sompo, Japan’s second-largest property insurer, has become the first foreign insurer to enter the auto insurance market in Myanmar.
The Japanese insurer, which was the first foreign company to acquire a business licence in Myanmar, will mainly market vehicle insurance, including bodily injury and property damage liability coverage, in the Thilawa special economic zone in south-east Yangon.
Myanmar’s auto insurance market offers tremendous opportunity for Sompo because only 5% or so of the country’s drivers are currently carrying insurance.
Sompo also sells fire insurance and other insurance products in the Thilawa zone.
Foreign insurers are eager to apply for licences in Myanmar to tap into the country’s growing insurance sector, which has just recently opened its market to international players.
State-owned Myanma Insurance currently leads the country’s insurance market.
- 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.