Financial Regulatory Department (FRD) and Deloittee Myanmar jointly organized Myanmar Insurance Workshop in Myanmar in order to the knowledge and the best practices for sustainable development of insurance sector in Myanmar

The Financial Regulatory Department (FRD) and Deloittee Myanmar jointly organized Myanmar Insurance Workshop in Yangon, Friday.

The workshop is a platform to share the knowledge by the experts and the best practices for sustainable development of insurance sector in Myanmar.

It also focuses on actuarial service and product development in Myanmar, date privacy best practices, insurance intermediaries and guidance on industry best practices. 

The insurance sector development is very important for the State economic growth. But, the insurance penetration rate is just only 1 % in Myanmar, said the Planning and Finance Deputy Minister.

Deputy Minister, Ministry of Planning and Finance, H.E. Maung Maung Win said “The Ministry eased some regulatory in insurance business not only for the locals but also foreign companies. In our country, the insurance penetration rate just only 1 % but in other countries, insurance practices are increasing. We are making efforts to increase insurance market in cooperation with responsible authorities and development partners. We also organized Myanmar Insurance Association (MIA) and Insurance Business Regulatory Board (IBRB) so as to promote the insurance industry in our country.”

This workshop is a commendation of the 3-year efforts to actually open up the insurance industry in Myanmar. USAID has invested about 22 million USD a year to promote economic reform of Myanmar for the democratic transaction since 2016. It has been working with the Ministry of Planning and Finance on how to liberalize and how to open up the insurance industry in Myanmar.

Mission Director, U.S. Agency for International Development, Teresa McGhie said “…Open in competitive insurance industry effects to the down of the family level right up to the Union Government level. For families what is means that for small premium they can protect themselves against the catastrophic and bad things that can happen to the family business…. For the government,… the insurance industry actually bring infirm that can be use for investment to create capital. The government can use that they can invest government bond that can be use for great public work sector electricity and role. I think that benefits all of the people of Myanmar…”

The Ministry granted license to three successful JV applicants for life insurance business and three successful applicants for non-life JV insurance business in Myanmar to operate more insurance workflow between local and foreign insurers in the end of July. 

(Myanmar International TV Channel: https://www.myanmaritv.com/news/sustainable-development-workshop-insurance-sector-myanmar )

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