Looking at prospective market liberalisation in Myanmar
Source: Asia Insurance Review | Feb 2018
All eyes are watching Myanmar closely for 2018, the year to usher in the new wave of transformation for the emerging insurance industry as it stands on the cusp of liberalisation.
There are now about 24 foreign insurers with representative offices in the country eagerly awaiting their licensing opportunity, with 10 life insurers, seven general insurers and seven brokers among them. In addition, three Japanese insurers have been granted permission to do business in the Thilawa Special Economic Zone.
With a population of 55 million people making up close to 8% of Asia’s population, Myanmar is one of the last frontiers with enormous opportunities predicted to hit US$2 billion in premiums by 2030. Over half the population is under 30 but besides life and health products to cater to this working class segment, there are also opportunities in mining, agriculture, fisheries, energy and infrastructure development.
Many challenges await. What is the government’s blueprint for liberalisation which will be announced in the coming months? Will joint ventures between foreign and domestic players be required, or will the former be allowed a freer hand? What are the best ways to educate the population on the value of insurance? Can Myanmar rise to the challenge?
Following the success of the inaugural summit organised by Asia Insurance Review in 2014, it is timely for a two-day 2nd Myanmar Insurance Summit, with the theme “Ushering In the New Growth Wave”, to discuss and analyse the market today, the key challenges and how to capitalise on these growth opportunities and foster new business partnerships. The Summit takes place in Yangon from 6-7 March 2018 and is supported by the Ministry of Finance of Myanmar and Myanma Insurance.