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Economy

Myanmar opens insurance market to Prudential, Dai-ichi and others

More-than-expected five groups approved to enter tiny but promising sector

Nuns walk past the IKBZ Insurance building in downtown Yangon in June 2013. Myanmar's insurance market is small but is forecast to balloon in the next decade.   © Reuters

YANGON -- Myanmar's government on Friday provisionally authorized five multinational insurance companies, including U.K.-based Prudential and Japan's Dai-ichi Life Holdings, to establish wholly owned subsidiaries in one of Southeast Asia's least-insured countries.

The Planning and Finance Ministry's announcement came as a surprise as it had earlier said it would allow only up to three foreign companies enter the insurance market.

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