Insurance
From The Report: Myanmar 2020
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Recent years have seen Myanmar’s insurance sector take significant steps forwards, with liberalisation giving rise to a number of foreign insurance companies entering the market. At the same time, the country’s financial sector governance has been strengthened, while the economy has continued to grow. These developments bode well for the industry, with rising per-capita incomes expected to lift premium volumes and improved regulations set to stimulate investment. Indeed, with penetration rates for both life and non-life coverage comparatively very low, and a population of 53.6m as of FY 2018/19, the sector presents significant potential for expansion. Furthermore, the ongoing opening up of the country’s economy and adoption of international best practices is expected to support increased activity and competition. This chapter contains a roundtable with Nhon Luc Ly, CEO, AIA Myanmar; Son Nguyen, Country President, Chubb Life Insurance Myanmar; Zarchi Tin, CEO, Dai-ichi Life Insurance Myanmar; and Asit Rath, CEO, Prudential Myanmar Life Insurance.

Articles from this Chapter

Overview

Open for business: Liberalisation brings foreign investment and strengthens activity
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Recent years have seen Myanmar’s insurance sector take significant steps forwards, with liberalisation giving rise to a number of foreign insurance companies entering the market. At the same time, the country’s financial sector governance has been strengthened, while the economy has continued to grow. These developments bode well for the industry, with rising per capita incomes expected to lift premium volumes and improved regulations set to stimulate investment. Indeed, with penetration…

Analysis

International resources: Foreign investment brings new capital and training opportunities
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November 2019 saw five foreign life insurance companies gain licences to operate fully owned subsidiaries in Myanmar, heralding the start of a new chapter in the industry’s history. At the same time six joint ventures between foreign and local insurers were also licensed, with this, too, set to have a strong impact on the dynamism of the sector. The opening up of the market to these foreign firms promises not only greater investment and competition in the sector, but also an injection of…

Overview

Adapting approaches: Nhon Luc Ly, CEO, AIA Myanmar; Son Nguyen, Country President, Chubb Life Insurance Myanmar; Daw Zarchi Tin, CEO,
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Interview:Nhon Luc Ly; Son Nguyen; Daw Zarchi Tin; Asit Rath Where should insurers look to increase insurance penetration rates in the consumer market? NHON LUC LY: Myanmar is one of the latest and fastest-growing countries to enter Asia’s consumer market. Now that we have received our licence, we are excited to work on raising awareness about life insurance and its benefits to the people of Myanmar. Our conversations with customers will be much broader than only life insurance products…