The government gave the greenlight to 11 foreign-owned and joint-ventured insurance companies on November 28 according to the Ministry of Planning and Finance.
Since 2013, the government started allowing the private sector to provide insurance services for the development of insurance sector. Now, the State-owned Myanma Insurance, 11 private life insurance companies and eight general insurance services companies are providing insurance services.
As a second step, the government gives the nod to the foreign insurance companies in Myanmar. The new insurance companies will introduce new insurance types, insurance technologies and international insurance experiences. Thanks to it, the public will get more insurance covers. On the other hand, the local monetary sector and foreign investment sector will see more improvements, according to the Ministry of Planning and Finance.
The five wholly foreign-owned insurance companies are: AIA Myanmar Life Insurance Company, CHUBB Life Insurance Company, DAI-ICHI Life Insurance Myanmar Ltd, MANULIFE Myanmar Life Insurance Company and Prudential Myanmar Life Insurance.
In addition, the three joint-ventured life insurance companies are: CB Life Insurance Company, Capital TAIYO Life Insurance Ltd and Grand Guardian Nippon Life Insurance Company while the three joint-ventured life and general insurance companies are: AYA SOMPO Insurance Company, Grand Guardian Tokio Marine General Insurance Company and KBZ MS General Insurance Companies.
