Crop Insurance System Expected to Launch This Fiscal Year

A coordination meeting on the introduction of insurance services for farmers and fishers was held at the Union of Myanmar Federation of Chambers of Commerce and Industry in Yangon on August 19. In a Facebook post, Myanmar Rice Federation (MRF) general-secretary Ye Min Aung said: “The nod given by the Myanmar Insurance Business Supervisory Board […]

Myanmar suspends granting of foreign insurers’ licenses in SEZs

YANGON, July 22 (Xinhua) — The Myanmar Insurance Business Supervisory Board has suspended granting licenses for foreign insurers to operate in Myanmar’s special economic zones for one year, official media reported Wednesday. The further licenses will be granted starting next year and three Japanese insurers have so far been allowed to operate in the country’s […]

15 foreign insurers operating through proxies

Although international insurance companies are not allowed to trade in the union, 15 representative offices of foreign firms are operating, according to Myanmar Insurance Business Supervisory Board. A spokesperson from Manulife Financial said: “The Ministry of Finance decides if a business can operate. Currently, as Myanmar is not familiar with insurance, discussions and public talks […]