IKBZ insurance’s survey resulted that insurance is a largely unknown concept in Myanmar

IKBZ Insurance conducted a survey among a representative group of 1,000 adults from seven regions and states in Myanmar. Half of the respondents were male, and half were female. The survey was conducted between April and May of this year.

What were the results? Astoundingly, it was found that only 17 percent of the survey participants were familiar with the insurance policy options available in the market, or indeed of the general concept of insurance at all. One out of every three respondents felt that insurance products were too complicated.

However, after the concept of life and health insurance was explained, 63 percent of those surveyed expressed some level of interest in protecting themselves and their families through an insurance plan.

Anil Mancham, the Deputy Managing Director of IKBZ, said: “Current market penetration is very low, at only .08 percent. We fully expect our industry to meet the regional average of five percent within the next ten years, provided there is sufficient access to insurance professionals and a proper suite of products.

The IKBZ Insurance survey estimates that the insurance industry has the potential to grow to K1.75 trillion during the next 12 months, and up to K4 trillion during the next ten years.

Currently, there are about two million people in Myanmar who have some form of insurance. Among these, 13 percent have health insurance, 12 percent life insurance, 6 percent education insurance, 5 percent automobile insurance, 5 percent fire insurance, and 2 percent agricultural insurance.

IKBZ Insurance began providing services back in 2013, and has expanded to 20 branches led by ten foreign experts.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/survey-results-insurance-largely-unknown-concept-myanmar )

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