Mitsui Sumitomo Insurance Celebrates the Start of their Underwriting Operation in Myanmar
Source: Asia Insurance Review | Aug 2015
Last month, about 200 guests, including His Excellency Dr Maung Maung Thein, Deputy Minister of Finance for the Union of Myanmar, Chairman of the Insurance Business Regulatory Board and Member of the Myanmar Investment Commission; His Excellency Mr Tateshi Higuchi, Ambassador, Embassy of Japan and Mr Aye Min Thein, Managing Director of Myanma Insurance and Secretary of the Insurance Business Regulatory Board, attended a celebration at the Sule Shangri-La Hotel to mark the start of Mitsui Sumitomo Insurance’s underwriting operations in the Thilawa Special Economic Zone (SEZ),
Myanmar.
On 28 May 2015, Mitsui Sumitomo Insurance (MSI), a member of the MS&AD Insurance Group based in Tokyo, had obtained a provisional (underwriting) permit to operate in the Thilawa SEZ by the Insurance Business Regulatory Board in the Ministry of Finance, becoming one of three overseas insurance companies granted with this exclusive license. Mitsui Sumitomo Insurance has had a presence in Myanmar since 1995 through its Yangon Representative Office. The company was the first Japanese insurer to enter the Myanmar market and have been supporting their customers to secure insurance in Myanmar for 20 years.