30 January 2019
On 2 January 2019, the Myanmar Ministry of Planning and Finance announced that the insurance sector will be liberalised for foreign insurers. In accordance with the Myanmar Insurance Sector Liberalisation Roadmap, which was approved by the Union Government, the objectives for the liberalisation of the insurance industry include:
- Strengthening the insurance sector and achieving a well‐structured competitive insurance sector where quality and competitively priced products from established and reliable insurers are available to the individual citizens and corporates;
- Attracting investment and support for Myanmar’s greater integration with the global economy; and
- Building up the capacity and capabilities in Myanmar’s insurance sector.
The Ministry of Planning and Finance has also requested the submission of Expressions of Interest and/or Requests for Proposal from interested foreign insurers who wish to conduct insurance business in Myanmar. Local insurers must operate either as separate life insurance or non-life insurance entities. Such a distinction will make it easier for foreign entities to associate or partner with local insurers.