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Japanese and Myanmar officials cut ribbons during the opening ceremony for Myanmar's first large-scale industrial park on Sep.23, 2015. (Photo by Keiichiro Asahara)
Business

Myanmar opens Thilawa SEZ to foreign insurers

Japanese insurers to face competition with Naypyitaw's 'initial step' to sector liberalization

STEVE GILMORE, Contributing writer | Myanmar, Cambodia, Laos

YANGON -- Myanmar is opening up its Thilawa special economic zone near Yangon to international insurance companies -- part of a market liberalization effort expected to gain momentum this year.

The government does not allow foreign insurers to offer their services outside of Thilawa -- a Myanmar-Japanese joint venture and the country's only operational SEZ. Only three Japanese insurers have permission to operate inside the zone: Sompo Japan Nipponkoa, Tokio Marine & Nichido Fire Insurance, and Mitsui Sumitomo Insurance, which all receiving licenses in 2015.

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