Myanma Insurance permits five private firms for first time in 50 years

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Myanma Insurance, the sole state-owned insurance organization in Myanmar, has permitted five private firms to offer insurance services in the country for the first time in 50 years.

IKBZ Insurance Co Ltd, Grand Guardian Co Ltd, Aung Thitsar Oo Co Ltd, National Economy Public Co, and Aung Myint Mo Min Insurance Co Ltd were given company licenses with ceremony at Myanma Insurance’s office on May 25.

“This is the first time in 50 years private companies have been given company licenses to run insurance business. As Myanma Insurance was the sole organization in the past, it could not perform what should have performed. Now, the emergence of private insurance firms will improve the market conditions, and what couldn’t be achieved in the past will be achieved now,” Dr Maung Maung Thein, Deputy Minister for Finance and Revenue, said.

Spokesperson of IKBZ Insurance told the Eleven Media, “We followed every requirement in the application process, gave necessary payments and obtained the license. We will offer both life insurance and miscellaneous insurance services. Our company’s opening ceremony will be held early June.”

Myo Naung, Managing Director of Grand Guardian, said, “We are thankful for giving us the approval to run the business when the country’s economy is improving. We will try our best to succeed within the frame set by the ministry.”

Myanma Insurance has shortlisted 12 companies among 20 applicants, and it has given licenses to five of them now. The rest will also be licensed before the end of June, an official said.

Myanma Insurance was founded in 1952, and has been the sole provider of insurance services in Myanmar for over 50 years.

Source: EMG

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