Global insurer Chubb has been revealed as one of the five foreign firms handed permission by the government of Myanmar to establish a 100% owned life insurance subsidiary within its borders.
Other insurers given the green light include Japan’s Dai-ichi Life Insurance, Manufacturers Life Insurance Company Canada, AIA, and Prudential Hong Kong.
Myanmar’s government began implementing reforms to its once state-controlled insurance sector in 2013 by granting licenses to local firms; 33 foreign firms have since been allowed to set up representative offices in the country.
“Myanmar is a nation of more than 54 million people with tremendous potential,” said Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb.
“Chubb is pleased that the Myanmar government has recognized the capabilities and experience that our company can bring to the market and has selected us to help build and strengthen their life insurance sector, which is integral to the economic and social fabric of the country.”
“Life insurance is a long-term business, and Chubb looks forward to working with the Myanmar government, policymakers and local organizations to establish a successful, sustainable life insurance business.”
It has been reported that the companies will have to comply with pre-licensing conditions stipulated by MoPF before being granted the Preferred Applicants Foreign Life Insurance Licences.
Chubb has hailed the move as deepening the company’s presence in the Asia Pacific region.