Asian News - Myanmar: Insurance mart grown by 40% since opening up in 2013
Source: Asia Insurance Review | Dec 2015
Myanmar’s fledgling insurance market has grown about 40% since it was opened up two years ago.
“The growth is calculated on the basis of premium fees earned by insurance companies,” the Myanmar Times reported, citing Deputy Finance Minister Maung Maung Thein.
In 2013, state-owned Myanma Insurance relinquished its monopoly to allow a private market to emerge, with the participation of local private-sector and foreign insurance companies.
For now, foreign insurers are permitted only to operate in special economic zones. Three Japanese insurers are doing this currently, offering four types of coverage, including fire insurance. The companies paid US$30,000 for their licence fee, plus a $10,000 monthly fee.