Myanmar Insurance Industry: Government Directives Favoring Foreign Insurers' Participation to Propel Growth

Published on : Nov 01, 2018

Albany, New York, November 1, 2018: At the backdrop of commercialized insurance landscape in Myanmar which encouraged private stakeholders’ participation offered diversified product portfolio in the recent past, ushering considerable uptick in Myanmar insurance industry. However, the industry has of late experienced significant bottlenecks, limiting growth of insurance industry in Myanmar. Government initiatives for further liberalization directives issued to allow foreign participation is expected to accentuate growth in Myanmar insurance industry.

Such pivotal business insights have been extracted from a recent research report titled, 'Governance, Risk and Compliance - The Myanmar Insurance Industry', recently collated in the vast online repository of Market Research hub (MRH). The report lends veritable business insights on ongoing market advances and their reciprocal implications on the growth of Myanmar insurance industry.

Infrastructure Development and Skill Set Diversification to Mimic Growth in Myanmar Insurance Industry

To boost market scope and reciprocal progress in Myanmar insurance industry, the Myanmar government is diverting massive investments towards improved infrastructure, enhanced skill set, and product portfolio diversification to anchor growth in Myanmar insurance industry. In this regard, Myanmar government is also encouraged to augment vital regulation alterations in the interest of competitive growth in Myanmar insurance industry. Inclusion of Myanmar banks to commercialize their proprietary insurance product portfolio likely to pave new growth horizons in Myanmar insurance industry.

However, lack of adequate knowledge on insurance benefits and corresponding aversion to buying insurance products amongst the citizens are likely to limit growth in Myanmar insurance industry. Additionally, improving the national GDP and citizens’ economic stability also remain crucial priorities to leverage growth in Myanmar insurance industry.   

New Norms Issued by Myanmar Insurance Business Regulatory Board Drive Growth

To hone untapped opportunities in evolving Myanmar insurance industry, several foreign investors are likely to drive substantial investments in the region with larger reachability as well as enhanced product portfolio. In a recent development in Myanmar insurance industry, Myanmar’s Insurance Business Regulatory Board has lately issued a reformation program that will enable foreign insurers’ participation in Myanmar. Potent growth triggers that are likely to instrument growth in Myanmar insurance industry include specific life and non-life insurance plans, insurance brokerage, and partnership between local and foreign companies. With such novel developments, Myanmar insurance industry is likely to etch new growth heights in Myanmar insurance industry.

Thorough research elements articulated in this section of the report allow readers to gauge pertinent market segments functional in Myanmar insurance industry. This section of the report identifies type of insurance as dominant segment, based on which insurance industry in Myanmar is diversified into life insurance, property insurance, motor insurance, liability insurance, marine, aviation, and transit insurance, personal accident and health insurance and compulsory insurance.

Competition Dashboard: Myanmar Insurance Industry

Pertinent research elements gleaned in this section of the report enhance readers’ perspective based on which aspiring insurers can attain veritable market insights that influence their investment decisions in the interest of substantial progress in Myanmar insurance industry growth. This section of the report also entails crucial information on various marketing tactics and tools implemented by leading market players in Myanmar insurance market to entice favorable consumer response in terms of their purchase preferences and eventual purchase decisions.

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