Myanmar has opened its door to foreign insurers, though in a restricted manner but this has enthused the insurance market worldwide which sees huge opportunity in this last frontier economy. We speak to Dr Maung Maung Thein*, Deputy Minister, Ministry of Finance and also Chairman of the Insurance Business Regulatory Board who was instrumental in initiating the liberalisation process in the financial services sector in the country.
Myanmar, also known as the "last frontier nation" for foreign investors, has opened its doors to foreign insurers. According to the Myanmar Insurance Business Supervision Committee, 22 insurance companies have set up representative offices in Myanmar out of which three Japanese insurers have been given permission from the Insurance Business Regulatory Board (IBRB) under the Ministry of Finance to operate from the Thilawa special economic zone (SEZ).
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AIA is among the 22 insurance companies to establish a representative office in Myanmar. The company's current focus is on providing technical support to the regulators, government and private insurers in their goal to develop a sustainable insurance industry. We speak to Mr Tom Renny, Chief Representative, AIA Group in Myanmar on the company's plans for the life market and the future of doing business there.
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Mr William Aung of Bagan Capital Inc gives an overview of the Myanmar insurance sector today, after the new government has taken over. There is still a lot of work to do done in this nascent industry.
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Despite the notable risks associated with operating in an untested and transitioning economy, Myanmar's status as a key frontier market is being cemented with rising investment flows. As concomitant demand for political risk and trade credit cover soars, Beazley's Michael Lum and Emma Whiteacre examine the risks and the opportunities.
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