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Myanmar’s insurance market has grown 40% since efforts at privatization were initiated in 2013, reports Myanmar Times.
At present, 21 foreign companies have representative offices in the country.
“The growth is calculated on the basis of premium fees earned by insurance companies. Every company is earning at least 1 billion Myanmar Kyat ($763,592) a month in premiums,” said U Maung Maung Thein, Myanmar’s deputy finance minister. Mr. Thein added that insurance companies were also utilizing streamlined claiming methods to pay out more.