Myanmar’s Financial Regulatory Department has granted licences to five foreign insurers and half a dozen joint ventures to operate in the Myanmar market, according to internationalinvestment.net.
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 initially granted provisional licences.
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%, according to British Prudential.
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 company said in a statement.