Mitsui Sumitomo Insurance Co., Ltd, a member of MS&AD Insurance Group, has entered into an agreement with IKBZ Insurance Co., Ltd. , a private non-life insurance company in Myanmar, submitted the application for the investment/ establishment of joint venture to the local authorities and passed the regulatory review on July 31.
With immediate effect, MSI will carry out the necessary procedures based on instructions from the local authorities and obtain the final approval by the end of October.
MSI will continue to provide high-quality service to its customers, strengthen its business presence in the rapidly growing Asian region, and aim to achieve the sustainable development of its international business.
Myanmar has achieved high economic growth based on its high population growth and increase in infrastructure investment, and the country’s non-life insurance market is expected to expand further in future. MSI has provided insurance products and services to Japanese companies in Myanmar by opening an office in Yangon in October 1995 and obtaining a license to operate in the Thilawa Special Economic Zone in May 2015.
For the first time, Myanmar’s government policy has made it possible for foreign investors to invest in private insurance companies, resulting in MSI’s decision to invest in IKBZ by leveraging on its customer service for Japanese companies operating in Myanmar with its high growth potential. MSI will strive to provide excellent service to Japanese companies and its non-life insurance market in Myanmar by combining IKBZ's strong presence among the private non-life insurance sector and MSI's established reputation and expertise in Asian countries.
Re-disseminated by The Asian Banker