AIA Insurance plans to expand in Myanmar amidst COVID-19

Sub-title: 

Having just obtained insurance licences with four other foreign insurers last November, AIA is operating in full swing. And the coronavirus is not slowing them down.

Description: 

"“There's no during the crisis or after the crisis, I feel like we're still moving at 100 miles an hour,” said Luc Nhon Ly, chief executive officer of AIA Myanmar. COVID-19 has forced a large part of AIA’s operations online, and this has allowed customers to purchase life insurance through their online platform. The Hong Kong-headquartered insurer was among the first five fully foreign-owned firms to receive life insurance licences last November. Mr Ly said it has not been easy, but he continued to observe the potential for growth. “In everything that we do, especially in the new market, there will be challenges, but the potential is there, and we can see all the positive early signs,” he added. AIA has a solid presence in Yangon with around a thousand agents in its salesforce. It has also soft-launched in Mandalay and plans to expand to all three major cities in the country this year. The Myanmar Times spoke to Mr Ly on how AIA is adapting to the crisis, its investment plan, and insurance-related regulations in Myanmar. How has the crisis affected the insurance industry overall? The global pandemic has impacted other industries, but us as well. I think what's interesting from this is, we can see how resilient, how quickly we were able to adjust..."

Creator/author: 

John Liu

Source/publisher: 

"Myanmar Times" (Myanmar)

Date of Publication: 

2020-05-13

Date of entry: 

2020-05-13

Grouping: 

  • Individual Documents

Category: 

Countries: 

Myanmar

Language: 

English

Resource Type: 

text

Text quality: 

    • Good