Two insurance joint ventures have had their plan to offer bancassurance products under a pilot project approved by the Financial Regulatory Department (FRD) of the Ministry of Finance, Planning, and Industry.
“We are preparing to release the rules and regulations for offering bancassurance in the domestic market. For now, we have approved KBZ MS General Insurance and AYA SOMPO Insurance to offer bancassurance distribution channels under a pilot project,” U Saw Niang, FRD director general told Myanmar Times.
KBZ MS is a joint venture insurance company between IKBZ Insurance and Japanese insurer MSI, while AYA SOMPO is a joint venture between AYA Myanmar and Japanese insurer Sompo.
“We are looking at bancassurance to become a distribution channel to support development of the insurance market in Myanmar,‘’ U Saw Niang said.
Mr Nil Marcham, CEO of KBZ MS, said, “In Myanmar, banks need to put in place a proper process to select their insurance partners.”