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International

Myanmar grants first licenses to private insurers in 50 years

May 27, 2013 Reprints

For the first time in 50 years, Myanmar's sole state-owned insurer, Myanma Insurance Enterprise, has granted permission to five private insurers to operate in the country, Eleven Media reported.

Dr. Maung Maung Thein, Deputy Minister for Finance and Revenue, said the entrance of private insurers will enhance the market conditions, adding that "what couldn’t be achieved in the past will be achieved now." It plans to issue seven more licenses by July.

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Myanmar grants first licenses to private insurers in 50 years

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