Asian News - Myanmar: Provisional permits granted to two Japanese insurers
Source: Asia Insurance Review | Jul 2015
Two Japanese non-life insurers have been granted provisional licences to operate in Myanmar’s Thilawa Special Economic Zone (SEZ) by the Ministry of Finance’s Insurance Business Regulatory Board. They are Mitsui Sumitomo Insurance Company Limited and Sompo Japan Nipponkoa Insurance.
Asia Insurance Review understands that Sompo Japan Nipponkoa Insurance is the first foreign insurer to have obtained a temporary permit to underwrite insurance in the Thilawa SEZ, while Mitsui Sumitomo is the second.
Sompo Japan Nipponkoa representatives said it would aim to provide services appropriate for investors building up facilities such as factories, warehouses and office buildings in the Zone. “Our first product to be delivered shall be an insurance that covers construction works, namely Contractor’s All Risk insurance,” said Mr Keiji Okada, chief representative of Sompo’s Yangon Office.
As the construction work is completed, it will gradually shift to products such as fire, marine cargo, liability and accident insurance, he added.
For Mitsui Sumitomo, the insurer reaffirmed in a statement its commitment to provide stronger support for its customers with a variety of sophisticated insurance products and risk management advice in Myanmar.