Myanmar opens doors to foreign insurers – International – Insurance News

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Myanmar opens doorways to overseas insurers

three September 2018

Myanmar’s Insurance coverage Enterprise Regulatory Board (IBRB) will enable overseas basic and life insurance coverage corporations to function within the nation from subsequent month.

Board Secretary U Zaw Naing says worldwide consultants can be employed to assist display overseas insurance coverage suppliers earlier than letting them compete.

“The IBRB has already invited proposals from worldwide consultants,” he stated.

“After it selects the proper one, it can begin the required course of to permit overseas insurance coverage corporations to enter the market.”

Three overseas insurance coverage corporations have been allowed to function within the Thilawa Particular Financial Zone, whereas a number of others have opened consultant places of work.

The market is dominated by state-owned Myanma Insurance coverage, which reportedly welcomes the entry of overseas teams.

“The native insurance coverage market wants investments and new know-how to develop,” MD Daw Sandar Oo stated.

“If overseas corporations are allowed to enter, native insurance coverage suppliers can co-operate with them to assist develop this space in Myanmar.”

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