Thai Life insurance company enters Myanmar

18 August 2019
Thai Life insurance company enters Myanmar
Foreign tourists take selfies with their mobile phone cameras as they are sightseeing the Emerald Buddha Temple inside the Grand Palace in Bangkok, Thailand. Photo: EPA

Thai Life Insurance has struck a deal to take a 35% stake in Citizen Business Insurance (CB Insurance), becoming the first Asean insurer to enter Myanmar's insurance field, according to the Bangkok Post.

Penetrating Myanmar's insurance market aligns with the company's strategy to expand operations to other countries in ASEAN, Chai Chaiyawan, president of Thai Life Insurance said in a statement.

This partnership will give CB Insurance a competitive advantage by leveraging Thai Life's actuarial and managerial expertise, as well as product distribution channel development, which has proven to be successful in Thailand, Chai Chaiyawan noted.

The company will promote savings and investment-linked insurance products, which are insurance types that are in demand, and products will be developed further to better serve demand.

Courtesy of Bangkok Post