THE Ministry of Planning and Finance on Thursday granted licenses to five foreign life insurance companies along with three joint venture life insurance companies with foreign partners and three non-life insurance companies, set up as joint ventures between local and foreign insurers.
The five foreign life insurers are AIA Myanmar Life Insurance Company Limited, Chubb Life Insurance Myanmar Limited, Dai-ichi Life Insurance Myanmar Ltd., Manulife Myanmar Life Insurance Company Limited, and Prudential Myanmar Life Insurance Limited.
The three joint ventures life insurance companies, set up as joint ventures between foreign and local partners, are CB Life Insurance Company Limited, Capital Taiyo Life Insurance Limited, and Grand Guardian Nippon Life Insurance Company Limited. And, the three non-life insurers, set up as joint ventures between foreign and local insurers, are AYA Sompo Insurance Company Limited, Grand Guardian Tokio Marine General Insurance Company Limited, and KBZ MS General Insurance Company Limited. Union Minister for Planning and Finance U Soe Win and Deputy Minister for Planning and Finance and chairman of the Insurance Business Regulatory Board (IBRB) U Maung Maung Win presented the licenses to the companies.
Union Minister U Soe Win delivered the opening remarks at the ceremony in Nay Pyi Taw. “I’m very pleased to render the licenses to the five successful 100-per cent subsidiary life insurers, three JV life insurers, and three JV non-life insurers,” he said.
The first phase of liberalization of the Myanmar insurance sector started in 2013, when participation from the domestic private sector was permitted. Currently, the nation has state insurer Myanma Insurance, 11 private life insurers, and eight general insurers. With the granting of licenses to foreign insurers to allow them to operate in Myanmar, the second phase of liberalization is now complete. The licensed insurers would provide new insurance products, created by utilizing their expertise and technical know-how for the development of the Myanmar insurance sector, said the Union minister.
“I strongly believe that people will be able to enjoy more insurance coverage in near future and in turn, the flow of foreign direct investment into Myanmar’s financial sector will increase,” U Soe Win added.
On behalf of the wholly-owned foreign life insurance companies, Mr. Hak Leh Tan, representing AIA Myanmar Life Insurance Company Limited, expressed words of thanks. This was followed by two representatives, Mr. Yasuhiro Mori and U Nyo Myint from Capital Taiyo Life Insurance Company Limited and KBZ MS General Insurance Company Limited, giving words of thanks on behalf of the JV foreign life and non-life insurance companies.—MNA
