27 local and overseas life and non-life insurance companies operating businesses in Myanmar

A total of 27 insurance companies including fully foreign-owned insurers are operating in Myanmar, according to Myanma Insurance. There are 42 different types of life and non-life insurance offered by private insurance companies at the moment. The Insurance Business Regulatory Board (IBRB) oversees the insurance industry and verifies any new insurance types in compliance with the law and established procedures.
The Insurance Business Regulatory Board-IBRB conducts regular meetings and approves new types of insurances and passes insurance agent licences in accordance with the Myanma Insurance Law and by-laws. General insurance companies gave compensation of fire and vehicle insurances for the losses incurred during cyclone Mocha in Rakhine State, according to Myanma Insurance.
Myanma Insurance is drafting a policy to provide crop insurance for farmers. The policy is expected to be ready in coming winter. Currently, relevant insurers are also offering insurance policies in order to cover losses of farmers due to fire, husking, and transportation.
There are five fully foreign-owned life insurance companies, three local-foreign joint ventures life insurance companies, nine citizen-owned life insurance companies, three joint venture life and non-life insurance companies, six local-owned life and non-life insurance companies, and Myanma Insurance are currently operating insurance business. — ASH/TH