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Mar 2023

Myanmar: Regulator gives the green light to bancassurance operations

Source: Asia Insurance Review | Apr 2020

The Insurance Business Regulatory Board has issued a directive allowing banks and microfinance institutions to operate as agents selling insurance after obtaining approval from the Central Bank of Myanmar and Microfinance Business Supervisory Committee.
Prior to this, only two insurance providers – KBZ MS and AYA SOMPO – were authorised to undertake bancassurance on a provisional basis, according to a report by Myanmar Times.
According to research commissioned by KBZ MS, the total bancassurance channel in Myanmar could grow to MMK2tn ($1.5bn) if applied to the total projected insurance market in Myanmar by 2029. A 
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