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.
- 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.