Insurance Market: 26 local and foreign companies operating in the country

Aiming to develop Myanmar’s insurance sector, the Insurance Business Regulatory Board (IBRB) is working strictly in accordance with rules, regulations and instructions of the Insurance business laws and by laws. Currently, 26 local and foreign insurance companies are providing services in 39 categories of life insurance and general insurance to the public.

In Myanmar, the insurance business law (IBL) was enacted in 1996 and by laws in 1997. In the Myanmar’s insurance market, only the Myanma insurance has been firstly established since 1952.

General Manager, Myanmar Insurance, Lwin Oo said "There was only one state-owned Myanmar insurance company in Myanmar insurance market as private insurance companies were no longer allowed to operate since 1964. Starting from the time of moving forwards to a market-oriented economic system later 1988, the Insurance Business Law (IBL) was enacted in 1996 for the permission of private insurance companies and its rules in 1997. During these procedures, the approval of private insurance companies was temporarily suspended due to the currency crisis in Thailand in 1997 and permission was granted in 2012."

There are 2 types of insurance companies; life insurance and general insurance. 4 billion kyats of capital investment is needed to establish a general insurance company and 600 million kyats for life insurance company’s establishment.

After inviting the foreign investment, 5 foreign life insurance companies have been established in Myanmar and at present, 26 local and foreign companies all over Myanmar are providing services to the public.