Sep 30, 2012

Private insurance companies to emerge in mid-2013

A total of 12 local Myanmar private insurance companies are prepared to start its services by mid-2013 after the government liberalized such business to be undertaken by the private sector, local media reported Thursday.

The 12 companies include Apex Insurance International Company, IKBZ Insurance Public Company and Great Future International Insurance Company, said the Myanmar Post Global News.

Before these companies can start operation, six-month to one- year training for the staff on insurance system is to be introduced.

Of the companies, three will offer life insurance with a paid- up capital of 6 billion Kyats (about 7 million U.S. dollars) while the other nine will give general insurance with a total capital of 46 billion Kyats (53 million U.S. dollars).

Six categories of insurance services out of 41 will be offered which include life insurance, fire insurance, comprehensive motor insurance and cash safety insurance.

More categories are expected to be granted in the future.

Source: Xinhua