Myanmar is open to foreign insurers this year

Myanmar will allow international companies to enter the insurance market this year. A liberalisation roadmap will detail how foreign insurers should be allowed into the market. Representatives from international firms will sit on a new Myanmar insurance association, which U SoeWin Thant, General Manager of Global World Insurance Company, thinks will be in place next month. Regulators have already invited local and foreign insurance companies to share their thoughts on how best to liberalise the sector, U SoeWin Thant said. “I said there is a need to open up the market because we need technical expertise and knowledge, especially in areas like life insurance. In order to get that technical expertise, we need to invite foreign insurers to help develop the Myanmar life insurance market.” A review of the country found that the Myanmar insurance sector is held back by product restrictions, a shortage of experienced professionals, as well as inadequate IT systems and standards on reserves for different insurance policies.