Myanmar to allow foreign insurance firms


Yangon skyline. Photo: Hong Sar for Mizzima

Myanmar is ready to grant licenses to foreign insurance firms to operate in the country, Anadolu Agency reported on 1 October quoting a government official.

Myanmar began to decentralize the insurance market in 2013 when state-owned Myanma Insurance, the only insurer for decades, licensed 12 local private companies to operate under an array of restrictions.

Currently, three Japanese companies are allowed to operate only in Thilawa Special Economic Zone on outskirts of Yangon, the commercial capital of Myanmar.

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