Insurance

Recent years have seen Myanmar’s insurance sector take significant steps forwards, with liberalisation giving rise to a number of foreign insurance companies entering the market. At the same time, the country’s financial sector governance has been strengthened, while the economy has continued to grow. These developments bode well for the industry, with rising per-capita incomes expected to lift premium volumes and improved regulations set to stimulate investment. Indeed, with penetration rates for both life and non-life coverage comparatively very low, and a population of 53.6m as of FY 2018/19, the sector presents significant potential for expansion. Furthermore, the ongoing opening up of the country’s economy and adoption of international best practices is expected to support increased activity and competition. This chapter contains a roundtable with Nhon Luc Ly, CEO, AIA Myanmar; Son Nguyen, Country President, Chubb Life Insurance Myanmar; Zarchi Tin, CEO, Dai-ichi Life Insurance Myanmar; and Asit Rath, CEO, Prudential Myanmar Life Insurance.