Private companies to be granted all types of insurance

April 27, 2017

Private insurance companies will be allowed to offer all types of insurance, according to U Kyaw Win, the Union minister for planning and finance.

Myanmar Insurance has granted licences to 11 private insurance companies since May, 2013. Currently, Myanmar Insurance has granted licences for only 12 types of insurance out of 40 types. However, the best selling types of insurance at the private companies are: travelling insurance; total vehicle insurance; fire insurance; and life insurance. However, the government will soon grant permission to the private companies to be engaged in selling all 40 types of insurance. “Moreover, the government will also grant the private companies permission to offer farmer insurance and overseas employment life insurance. We have already submitted the proposal to the government to grant all types of insurance to private sector. As soon as the government approves our proposal, Insurance Business Regulatory Board (IBRB) will announce the approval,” said U Khin Maung Win, general manger of Myanmar Insurance.

Ref; The Global New Light of Myanmar