Hong Kong-based insurance company AIA Group Limited has opened its representative office on July 13 in Yangon, the commercial hub of Myanmar, according to local sources.
The representative office will only work
as a consultancy offering insurance consultation and will not do direct
insurance services, according to Mr. Simeon Preston from AIA.
“Myanmar needs more insurance companies
as its economy develops. As a result, local private insurance companies
will get operational experience [when working jointly with AIA]. It will
also help improve the country’s insurance sector,” said Dr Maung Maung
Thane, the deputy minister for Ministry of Finance at the opening
ceremony of the office.
The AIA is said to have the largest
agency force in Hong Kong and Macau. It has offices in Asia-Pacific
region including Taiwan, China, Australia, New Zealand, Japan, India,
Sri Lanka, Malaysia, Macau, South Korea, Thailand, Philippines,
Singapore, Brunei and Vietnam.
Japanese insurance companies such as
Tokio Marine and Mitsui have been operating in Myanmar with their
offices opened ten years ago.
source: Eleven Myanmar
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