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September 17, 2019

Foreign companies to enter Myanmar insurance sector

Photo shows the Myanma Insurance Building in Yangon. Photo: Phoe Khwar
Photo shows the Myanma Insurance Building in Yangon. Photo: Phoe Khwar

Foreign insurance companies will be allowed to operate in Myanmar for the development of the Myanmar insurance sector, according to a report in Myawady Daily yesterday.
The Myanmar insurance sector is different from others, as it lacks experts. Foreign insurance companies that are allowed to operate in Myanmar are expected to bring in investment, technology and expertise. Moreover, the Myanmar insurance sector will also develop rapidly.
“To be able to develop the Myanmar insurance sector in the country, we need to conduct awareness training regarding insurance for the local people. The local insurance companies must try their best to compete with foreign companies after the authorities grant permission to foreign insurance companies to enter the country,” said U Thaung Han, secretary of Myanmar Insurance Association.
Currently, the Insurance Business Regulatory Board has already granted licences to some 1,200 agencies in the country. However, the numbers are few compared to neighbouring countries.
Comprehensive motor insurance, fire insurance, life insurance, health insurance and travelling insurance topped the list of insurance bought from among 48 types of policies. Myanma Insurance is also planning to provide more awareness training regarding the benefits of insurance to the local people.
Myanmar earns just 0.07 per cent income from insurance services. Only 86 in 1,000 people have insurance.—GNLM

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