In a long-awaited move, foreign insurance providers have finally been given the green light to operate in Myanmar, according to a press release.
Myanmar is the last frontier in South East Asia that has a great potential insurance market, with general insurance growing at 16.1% a year and life insurance at 25.3% a year, and with insurance density only estimated to be US$0.99537 and penetration at 0.07%. This liberalization is expected to accelerate economic growth through risk transfer and dramatic transformation is likely to affect the insurance industry over the coming months.
Magenta Global (Singapore), in consultations with the industry regulator and players, will be hosting a two-day summit providing a platform for the gathering of local, regional and international participants.
INTO MYANMAR Insurance Summit 2019 will be taking place at the Park Royal Hotel Yangon in Myanmar from 11-12 June. A distinguished panel of speakers has been invited to discuss the changing insurance landscape and how to position for growth.
Key topics to be deliberated include sectoral market outlook and growth opportunities; structuring joint ventures and strategic alliances; microinsurance; crop insurance; reinsurance; bancassurance; emerging technologies to improve operational efficiencies; distribution channels and corporate risk management.
Conference organizer Magenta Global (Singapore)'s CEO, Maggie Tan, commented: “This is the first conference following the announcement by the Myanmar Ministry of Planning and Finance (MoPF). The Summit will provide an opportunity for the industry to investigate first-hand the changing insurance landscape and get clarity on the regulation to enable this sector to grow and evaluate strategic options and collaboration to move the industry forward.”
Co-located alongside this Summit is the 4th Emerging Asia Banking & Fintech Summit, which will see a gathering of bankers, MFIs, central bankers and fintech industry players – an excellent networking and sharing of best practices with industry peers.