Myanmar’s efforts to liberalise its insurance market offers significant growth opportunities for insurers in the short to long term, according to a report on the country’s insurance sector.
According to New Asia Property, anticipated moves by Myanmar’s government to liberalise the insurance sector to allow foreign insurance firms to enter the market – either as 100% owned operations or joint ventures with local firms – present an opportunity for insurers to access a fast-developing market.
“Foreign insurers with hundreds of years’ worth of expertise along with eager local companies are poised to finally play a driving role in the sector’s development,” Tony Picton, managing director of New Asia Property, said in the report. “Insurance in Myanmar is primed to move well beyond today’s low base into a modern, international enterprise that can bring enormous economic and social benefits to the country and its real estate sector.”
“Currently the insurance sector in Myanmar is in its early infancy, which is evident when compared to lesser populated countries in ASEAN,” said Picton. “[However] with the further opening up of the industry to the private sector and especially foreign insurers – all this is set to change dramatically, even in the first few years.”
