State-owned Myanmar Insurance Enterprise (MIE) has launched a Travel and Health Insurance (Thailand) service to cater to the needs of Myanmar workers employed in Thailand. Thailand has imposed tougher travel restrictions on their visas due to the ongoing COVID-19 pandemic. This includes the requirement of a health insurance plan of US$100,000 with at least six […]
IKBZ Insurance restructures to incorporate life options
September 23, 2019 by
IKBZ Insurance on Tuesday announced the launch of IKBZ Life, a new insurance company fully dedicated to life insurance products, in compliance with regulations by the Insurance Business Regulatory Board (IBRB). IKBZ Insurance is a general insurance company which obtained preliminary approval to operate a joint venture with Japanese insurance provider Mitsui Sumitomo Insurance on […]
Insurance industry progressing at slow pace, foreign competition needed: AMI
November 1, 2018 by
It has been five years since the government first allowed private insurance businesses to offer their services in Myanmar in 2013. But further liberalisation is needed and the authorities have been saying they are close to allowing foreign insurance providers to operate domestically. In August, U Zaw Naing, secretary of the Insurance Business Regulatory Board […]
Myanmar insurance industry poised for reform, awaits liberalisation
April 19, 2018 by
Insurance providers in Myanmar can expect a more competitive and promising landscape on which to do business in the near future. With market liberalisation, which will enable firms to offer a wider variety of insurance products, on the government’s agenda, local and foreign providers alike have already started training staff and building management and IT […]
Private companies soon to be permitted 20 types of insurance
September 20, 2017 by
The private insurance companies will be permitted to provide 20 types of insurance very soon for the development of the local insurances, according to a report in the Myawady Daily yesterday. Initially, Myanmar Insurance has permitted private companies only six types of insurance out of 46. Later on, the private companies were permitted to provide […]
IKBZ hopes to capture new business with online platform
January 12, 2016 by
Local insurer IKBZ is hoping to become the first firm to allow people to buy its policies online – through computers and mobile devices – early this year, a senior official at the insurer told The Myanmar Times. The firm plans to start offering insurance policies online in January, with the option to register on […]
Private Insurers Take Hold in Myanmar
September 9, 2015 by
Sept. 8, 2015 3:30 p.m. ET YANGON, Myanmar—Over cups of sweet tea at Yangon University, Nyi Nyi Min Htet pitches the benefits of car insurance from his mobile phone to drivers who navigate the chaotic streets of the country’s largest city. But it often proves to be a tough sell. Few Burmese understand insurance or […]
Health, Loan Insurance Coming to Myanmar This Year
March 19, 2014 by
YANGON — Myanmar’s insurance industry will begin providing currently nonexistent health and credit guarantee insurance policies in the 2014-15 fiscal year, according to state-run Myanma Insurance. “We will operate health insurance and loan insurance services in the coming financial year,” said Aye Min Thein, managing director of Myanma Insurance. The fiscal year begins on April […]
