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Economy

Myanmar ready to open door to foreign insurers

Long-awaited plan set in motion as government seeks industry know-how

Insurance is still uncommon in Myanmar, with the penetration rate even for auto policies hovering at around 10%.

YANGON -- Myanmar is bringing foreign companies into its insurance market, allowing both life and nonlife insurers to do business here.

A plan announced Wednesday by the Ministry of Planning and Finance would let up to three overseas-based life insurers have wholly owned local subsidiaries, while other life insurers and nonlife insurers would operate via joint ventures with local partners. Specific screening criteria will be released as early as this month, according to sources familiar with the matter.

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