Myanmar financial authorities have submitted a proposal to the government to allow private sector insurers to carry out all classes of insurance.
All 40 classess of insurance plus additional farmers' insurance and overseas employment life insurance are likely to be granted by the government, reported the Xinhua News Agency. Its report cited U Kyaw Win, the Minister for Planning and Finance as saying.
Of the 40 classes of insurance, state-run Myanmar Insurance has granted licences for only 12 of them to private insurers.
Of the 12, travel insurance, comprehensive vehicle insurance, fire insurance and life insurance are the best selling categories.
Myanmar Insurance has granted licences to 11 private insurance companies since May 2013.