Insurance coverage is generally a extremely aggressive trade, however in Myanmar – solely lately opened to the worldwide market – that competitors is extremely managed. Nyo Myint, Vice Chairman of IKBZ Insurance coverage, explains that though the monopoly of the state-owned Myanma Insurance coverage has ended, the nation’s 12 insurance coverage corporations are nonetheless relative novices. Myanmar’s insurance coverage trade wants overseas insurers bringing in capital, experience, and capability – however on the spot liberalisation would demolish the home trade. He outlines the transition up to now and suggests the following steps that Myanmar’s finance companies regulator must take.
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