Jul 17, 2013

Hong Kong’s AIA opens office in Myanmar

Hong Kong-based insurance company AIA Group Limited has opened its representative office on July 13 in Yangon, the commercial hub of Myanmar, according to local sources.

The representative office will only work as a consultancy offering insurance consultation and will not do direct insurance services, according to Mr. Simeon Preston from AIA.

“Myanmar needs more insurance companies as its economy develops. As a result, local private insurance companies will get operational experience [when working jointly with AIA]. It will also help improve the country’s insurance sector,” said Dr Maung Maung Thane, the deputy minister for Ministry of Finance at the opening ceremony of the office.

The AIA is said to have the largest agency force in Hong Kong and Macau. It has offices in Asia-Pacific region including Taiwan, China, Australia, New Zealand, Japan, India, Sri Lanka, Malaysia, Macau, South Korea, Thailand, Philippines, Singapore, Brunei and Vietnam.

Japanese insurance companies such as Tokio Marine and Mitsui have been operating in Myanmar with their offices opened ten years ago.

Source: Eleven Weekly Media