Jun 13, 2013

First private insurer starts business in Myanmar

International Kanbawza (IKBZ) Insurance Company, one of the five private insurance companies granted licenses to operate in Myanmar in line with its financial reform policy, has started its services in Yangon, becoming the first private company of its kind to operate in the country, official media reported Thursday.

The IKBZ, which began services on Wednesday, would provide international standard insurance services and implement micro- finance insurance that can support the state's poverty alleviation scheme, the company was quoted as saying.

The other four private insurance companies are Grand Guardian, Aung Thitsar Oo, Citizen Business Insurance Public Ltd and Aung Myint Moh Min.

They are allowed to run life insurance, fire insurance, vehicle insurance and cash safety insurance businesses.

Source: Xinhua