The Myanmar Insurance Association (MIA) is set to introduce qualification programmes of the UK’s Chartered Insurance Institute (CII) to Myanmar.The two industry bodies inked a deal late last year for MIA to hold exams for CII qualifications from April onwards. Candidates in Myanmar no longer need to travel abroad for the CII examinations and can now enrol and sit for the assessment within the country.A key challenge for Myanmar’s insurance sector since November 2019 liberalisation is the lack of qualified professionals to support the fast-expanding operations of the multinational insurers and joint ventures.
The capacity of insurance professionals is severely limited because insurance in Myanmar is still in its early stages of development. Until two months ago, no foreign insurers can operate in Myanmar, except the three Japanese providers who were given licences in Thilawa Special Economic Zone.For the industry to grow, companies need insurance agents across the country, in major cities as well as in rural areas, to promote and reach out to communities. Myanmar’s insurance penetration is among the lowest in the world.Last year the government awarded licences to five foreign insurers and half a dozen joint ventures to operate in the domestic market, marking Myanmar’s first-ever licencing to foreign fully-owned life insurers.
British Prudential, Japanese Dai-ichi Life, Hong Kong AIA, US Chubb and Canadian Manulife can now issue life insurance policies with their fully-owned subsidiaries. Sompo Japan Nipponkoa Insurance, Tokio Marine & Nichido Fire Insurance and Mitsui Sumitomo Insurance have set up JVs with local partners to offer general policies while Taiyo Life Insurance; Thai Life Insurance and Nippon Life Insurance have also joined the market via local JVs.London-headquartered CII is a professional body dedicated to building public trust in the insurance and financial planning profession. It also has offices in Hong Kong, Dubai and Mumbai, and provides membership services and professional development.
Source: Myanmar Times