Sompo Japan Insurance Inc, the second
largest insurance firm of Japan is interested to launch insurance
business in Myanmar, general manager Keiji Okada of the company for
Myanmar representative office said.
The company entered Myanmar since 1995 and has been providing a broker service for foreign insurance.
“The company would like to offer the
most priority insurance of fire, autos, personal liabilities and flood
in Myanmar. Currently, national owned insurance companies have the
permission. However, the company is willing to launch its own insurance
business if the permission is available for foreign investors. The
company has a plan to team up the partnership with local company as
well. Myanmar Insurance Service is the only state-owned insurance
provider in Myanmar now. We expect that insurance business will be
growing in Myanmar as the country is rich in natural resources,” Okada
said.
“Myanmar has been lost 0.9 percent of
GDP annually for natural disaster according to Africa-Pacific Natural
Disaster State. Thus, the insurance business will be crucial in the
future,” the deputy minister Dr. Maung Thein of the Ministry of Finance
and Revenue said at the conference of the cooperation of Myanmar
Insurance Service and Sompo Japan in Yangon on December 11.
At least 12 national companies have been
selected to grant insurance license. Global World, GGIP and iKBZ are
included in those selected 12 companies.
Myanmar Insurance Service is providing
at least 46 typed of insurance coverage. Fire coverage is the main
insurance; the customers are buying in Myanmar. Life insurance has been
sold annually as well.
source: Eleven Myanmar
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