The government will choose either one or two companies from the applicants to award the licenses to, with the aim of further developing the country’s insurance sector, according to the Insurance Business Regulatory Board under the Ministry of Planning, Finance and Industry via a statement issued on January 25.
11 out of 12 companies were granted insurance licenses in 2013. “Among the 11 companies that were granted licenses, eight of them provide general insurance and the remaining three companies are in the life insurance business. There was one company that was not granted a permit,” said U Khin Maung Win, general manager of Myanmar Insurance.
Now, the authorities are inviting other companies to apply for the license to operate. Either one or two companies will be awarded insurance licenses in line with the criteria specified by the Financial Regulatory Department. It specified that either one company will be selected to provide both general insurance and life insurance services or two companies will be chosen to provide a service each.
Myanmar Insurance recorded a total income of K86 billion in the 2019-20 fiscal year. There are currently 24 citizen owned insurance firms and foreign insurance firms in the country, translating to a total investment value of K67.3 billion and US$152.1 million, according to statistics by the Myanmar Investment Commission.
Source: Google | Insurance News