May 26, 2013

ACE Group to open representative office in Yangon

Switzerland-based ACE Group, a global provider of insurance is planning to open a representative office in Yangon on the end of this year, according to the statement from the ACE Group.

The group has already had the permission to open the office from Directorate of Investment and Company Administration under the Ministry of National Planning and Economic Development.

“According to our experience, we expect that we can help develop Myanmar’s insurance market and business. The Myanmar market is attracted to foreign investors,” Mr. Evan G. Greenberg, Chairman and Chief Executive Officer of ACE Limited said.

ACE Group operates in 53 countries and territories and has over 100 branches across the world including Australia, Hong Kong, Indonesia, South Korea, Macao, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam.

Former governments has made the insurance sector state-owned access since 1965 and in the new government era, Myanmar called for applicants to make privatization on insurance sector on May, 2012. In September 2012, the government is allowed insurance sector to 12 private companies. Myanmar had over 70 foreign insurance companies before being made state-owned access in insurance sector by Nay Win’s administration.

Life insurance and other general insurances such as fire insurance, comprehensive motor insurance, money transfer insurance, money security insurance and insurance of dignity and prestige.

Source: Eleven Weekly Media

 
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