Apr 9, 2013

Private insurance companies to begin operation in Myanmar

A total of 12 private insurance companies will begin operation by June after winning permits from the government in September last year, local media reported Monday, quoting Deputy Minister for Finance and Revenue Maung Maung Thein.

The 12 companies include Grand Guardian Insurance Public (GGIP), IKBZ, First National Young, Capital Life, Global World, Excellent Fortune, Pillar of Truth, Ayeyar Myanma Insurance, Aung Myint Moe Min, Citizen Business Insurance Public Limited and Aung Thitsar Oo, said the Myanmar Times News.

Each company is set to deposit 46 billion Kyats (53 million U.S. dollars) in paid-up capital at Myanma Economic Bank.

Myanmar government allows different categories of insurance such as credit guarantees and health insurance, but limits life and general insurance, the report said.

More insurance products and services are expected to be given the green light in the future, the report added.

Source: Xinhua

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