Investments by fully foreign-owned and joint-venture insurance firms tops USD $ 127 million in this fiscal year

Capital investments by 11 recently licensed, fully foreign-owned and joint-venture insurance companies have amounted to $127 million plus K67 billion, according to the Directorate of Investment and Company Administration (DICA)
DICA data show that, from the beginning of the 2017 fiscal year to January of this year, the five foreign-owned life insurance firms have invested $69.89 million, the three joint-venture life insurers have invested $34.7 million plus K10.61 billion and the three joint-venture general insurance firms have invested $26.43 million plus K56.7 billion.
“Insurance businesses do not fall under the purview of Myanmar Investment Law or the Myanmar Investment Commission. However, we are disclosing this information to let the public know,” said DICA director general U Thant Sin Lwin.
Starting in 2013, Myanmar opened up its insurance industry to private-sector participation. In April 2019, the government approved the entry of five foreign life insurance firms and five joint-venture insurers.
Current laws allow foreign companies to hold up to 35 percent of shares in local insurance firms.
The five recently licensed, fully foreign-owned life insurance companies are: AIA Myanmar Life Insurance, Chubb Life Insurance Myanmar, Dai-ichi Life Insurance Myanmar, Manulife Myanmar Life Insurance and Prudential Myanmar Life Insurance.
The three joint-venture life insurance firms are: CB Life Insurance, Capital Taiyo Life Insurance and Grand Guardian Nippon Life Insurance. The joint-venture general insurance companies licensed at the same time as the eight life insurers are: AYA SOMPO Insurance, Grand Guardian Tokio Marine General Insurance and KBZ MS General Insurance.

(Myanmar Business Today: https://mmbiztoday.com/investments-by-foreign-owned-jv-insurance-firms-top-127-million/ )

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