Manulife is currently waiting for the Myanmar government to issue it a business permit, allowing the insurer to operate in the country.
Company regional executive Indren Naidoo broke the news to stakeholders on May 29 during a conference meeting. Officials from Myanma Insurance, Myanmar’s state-owned insurance company, were also present during the conference.
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Naidoo noted that Manulife has had an office in Myanmar since 2014, but did not start its business in the region, choosing to wait until it could receive an official permit. The executive was confident that the company would prosper in the region once permits were issued.
“The Myanma Insurance office will soon relax [the entry rules], and insurance firms and agents will be welcomed,” commented Myanma Insurance managing director Dr. Sandar Oo. “We will have to study the performances of the international insurance distribution channels, and there will be trade specific insurance, insurance through banks, and also online and internet protocol.”
Eleven Myanmar reported that Myanma Insurance’s decision to welcome foreign insurance firms is the first development in the market in the past 70 years.
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