Description:
"British Prudential, Japanese Dai-ichi Life, Hong Kong AIA, US Chubb, and Canadian Manulife have been permitted to issue life insurance policies in Myanmar with their fully-owned subsidiary, more than six months after the five insurers were granted provisional licences.
According to Prudential, Myanmar has a fast-growing middle class, as well as an increasingly urbanised and tech-savvy population. The country has around 57 million mobile subscriptions, with a mobile penetration of around 105%.
The insurer will attempt to harness its wide-ranging digital capabilities and broad range of offerings in Asia, and implement a digital-led strategy, complemented by face-to-face distribution, to broaden access to life insurance in Myanmar, the insurer said in a statement.
The department also granted licences to three life and three non-life joint ventures between foreign and local firms - AYA Myanmar General Insurance and Sompo Japan Nipponkoa Insurance, Grand Guardian General Insurance and Tokio Marine & Nichido Fire Insurance, and IKBZ Insurance and Mitsui Sumitomo Insurance..."
Source/publisher:
"International Investment"
Date of Publication:
2019-11-29
Date of entry:
2019-11-30
Grouping:
- Individual Documents
Category:
Countries:
Myanmar
Geographic coverage:
Global
Language:
English
Resource Type:
text
Text quality:
- Good