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Myanmar to Open Market to Foreign Insurers

The Myanmar Times has announced government plans to open the insurance market to foreign insurance companies in 2017.

U Thant Zin of the Financial Regulation Department commented that liberalising the insurance sector should give an additional boost to economic development.

Discussions will be organised by the government to ascertain whether 100 percent
foreign-owned insurers will be allowed to operate in Myanmar, or if foreign investors will be required to form joint ventures with local firms.

As P&I Correspondents in this country, we were particularly interested to learn this news which confirms Myanmar’s international ambitions.

For all types of P&I assistance or surveys, Clubs and their Members are welcome to contact the PIC of Budd Myanmar, Mr David (budd.myanmar@budd-pni.com, Mobile +959 258607093 or +959 973006124) or the Area Manager, Mr Van Hong Dang (van.hong@budd-pni.com, mobile +84 987 41 28 33).

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