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Jul 2019

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Myanmar: 4 local insurers to join hands with foreign players

Source: Asia Insurance Review | Jun 2019

Four domestic life insurers will cooperate with foreign counterparts to form joint ventures in Myanmar, according to the Myanmar Insurance Association (MIA).
 
Citizen Business Insurance (CB Insurance), First National Insurance, Grand Guardian Insurance and Capital Life Insurance will form joint ventures with foreign insurers, said U Thaung Han, managing director of CB Insurance which will form a joint venture with Thai Life Insurance.
 
Meanwhile, other local insurers are also exploring opportunities to work with foreign providers, according to a report by Myanmar Times. “We are interested to form a joint venture with international insurance providers and are in discussions with several firms to do so,” said U Soe Win Thant, a director at Global World Insurance.
 
Foreign life insurers have been given two options to operate in Myanmar: to establish 100% subsidiaries or a joint venture with local insurers. Foreign non-life insurance providers must operate under joint ventures only.
 
In April, the authorities granted provisional licences to five multinational insurers to set up wholly owned life subsidiaries. The five companies are AIA, Chubb Tempest Reinsurance, Dai-ichi Life, Manulife and UK’s Prudential. A 
 
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