The foreign insurers added more than USD $ 120 million into the Myanmar insurance sector since last year

Investors have channeled some US$120 million and K60 billion into the Myanmar insurance sector since its liberalisation last year, according to the Myanmar Investment Commission (MIC).

In 2019, the Ministry of Planning, Finance, and Industry granted permission to five wholly foreign life insurance companies and six joint venture life insurance and non-life insurance companies to operate in the domestic insurance market. 

During the period, the five wholly foreign life insurance companies - AIA, Chubb, Dai-ichi, Manulife and Prudential - invested a sum totaling $65 million, according to the MIC.

The three joint venture life insurance companies – Capital Taiyo Life, CB Life and GGI Nippon Life- invested $34 million and around K10 billion.

Meanwhile, the three joint venture non-life insurance companies – AYA Sompo, GGI Tokio Marine and KBZ MS – put in $26 million and K56 billion.

U Thant Sin Lwin, secretary of the MIC, said the insurance sector contributed strongly to total foreign direct investments (FDI) of around $2.6 billion in fiscal 2019-20.

Myanmar is expected to receive a total of $5.8 billion in FDI this fiscal year, according to the MIC’s estimates.

(The Myanmar Times: https://www.mmtimes.com/news/foreign-insurers-added-more-us120m-industry.html )

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