Chubb has announced they have secured approval from the Myanmar Ministry of Planning and Finance to establish a wholly owned life insurance subsidiary in the country.
Following a competitive review process, Chubb is one of five companies awarded this right marking a significant step by Myanmar to permit foreign-owned companies to engage in insurance and other financial services.
With the addition of Myanmar, Chubb hopes it will strengthen their presence throughout the Asia Pacific region which includes life insurance operations in six other countries and territories and general insurance operations in 13 markets.
Evan Greenberg, chairman and CEO of Chubb said: "Myanmar is a nation of more than 54 million people with tremendous potential. Chubb is pleased that the Myanmar government has recognized the capabilities and experience that our company can bring to the market and has selected us to help build and strengthen their life insurance sector, which is integral to the economic and social fabric of the country. Life insurance is a long-term business, and Chubb looks forward to working with the Myanmar government, policymakers and local organizations to establish a successful, sustainable life insurance business."