Foreign insurers added more than US$120M to industry

Foreign insurers added more than US$120M to industry

A man carries the baskets in downtown Yangon. Ko Ko Htay/The Myanmar TimesInvestors have channeled some US$120 billion and K60 billion into the Myanmar insurance sector since its liberalisation last year, according to the Myanmar Investment Commission (MIC).

In 2019, the Ministry of Planning, Finance, and Industry granted permission to five wholly foreign life insurance companies and six joint venture life insurance and non-life insurance companies to operate in the domestic insurance market.

During the period, the five wholly foreign life insurance companies – AIA, Chubb, Dai-ichi, Manulife and Prudential – invested a sum totaling US$65 million, according to the MIC. The three joint venture life insurance companies – Capital Taiyo Life, CB Life and GGI Nippon Life- invested US$34 million and around K10 billion.

Meanwhile, the three joint venture non-life insurance companies – AYA Sompo, GGI Tokio Marine and KBZ MS – put in US$26 million and K56 billion.

The insurance sector contributed strongly to total foreign direct investments (FDI) of around US$2.6 billion in fiscal 2019-20. Myanmar is expected to receive a total of US$5.8 billion in FDI this fiscal year, according to the MIC’s estimates.

Source: Myanmar Times

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