ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintTitle ChevronIcon Twitter
Business

Myanmar readies reforms to liberalize insurance market

Plan for opening doors to foreign insurers coming in three months

Sandar Oo, managing director of Myanma Insurance, answers audience questions at the Myanmar Investment Forum 2017 in Naypyitaw. (Photo by Yuichi Nitta)

NAYPYITAW -- Myanmar intends to release within three months a blueprint for insurance market reforms that include allowing foreign insurers to underwrite and sell policies, the head of state-run Myanma Insurance said here Wednesday.

Managing Director Sandar Oo outlined the reforms from the Ministry of Planning and Finance, which oversees Myanma Insurance, in a presentation at Myanmar Investment Forum 2017. The event held Tuesday and Wednesday in this capital city was attended by investors from countries such as China, India and Japan.

The government aims to "achieve in the near future a well-structured, competitive insurance market," she said. "The comprehensive insurance liberalization plan has already been finalized, with the assistance of the World Bank group, and also it has been approved by our cabinet."

The Myanmar Investment Forum 2017 in Naypyitaw hosted a session on financial sector reform. (Photo by Yuichi Nitta)

Foreign insurance underwriters, brokers and agents will be able to obtain licenses, according to the presentation materials.

Naypyitaw let local private-sector companies enter the insurance market in 2013, ending Myanma Insurance's monopoly. Licenses have been issued to 11 businesses so far. In addition, 24 foreign companies have opened offices in the Southeast Asian country in anticipation of further liberalization. Three Japanese insurers, including Sompo Holdings subsidiary Sompo Japan Nipponkoa Insurance, are already selling products such as fire and auto insurance in Myanmar, but only inside the Thilawa special economic zone near Yangon.

Sandar Oo acknowledged the "many challenges ahead," such as a "lack of technical and operational expertise" in the private sector. The government also must strengthen its regulatory and supervisory framework for the industry, she said.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends January 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to Nikkei Asia has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more