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Four local life insurance providers form JVs with foreigners

Published APR 28, 2019
By THIHA KO KO @The Myanmar Times

Four domestic life insurers will cooperate with their foreign counterparts to form joint ventures in Myanmar, according to the Myanmar Insurance Association (MIA).

Citizen Business Insurance (CB Insurance), First National Insurance, Grand Guardian Insurance and Capital Life Insurance will form joint ventures with foreign insurers, said U Thaung Han, managing director of CB Insurance and CB Insurance will be forming its joint venture with Thai Life Insurance, which is based in Thailand, to offer life insurance products in Myanmar,” U Thaung Han said.

The development comes after the Ministry of Planning and Finance (MOPF) earlier this year allowed foreign insurers to operate in the Myanmar insurance market. Local insurance providers have been encouraged to cooperate with the foreigners to become more competitive in providing their services.

U Yan Paing, managing director of Capital Life Insurance, said: “We will be able to benefit from the technical knowledge and experience gained through a joint venture with a foreign insurance provider. In return, the foreign entity will also gain from our understanding of the local market and distribution network. We expect the deal to be successful.”

Original Source:

The GGI office in Yangon. Thiri Lu/The Myanmar Times
Created at 2019-05-01 00:41:48