Three foreign insurers forced to cancel investments in Myanmar

Recent policy changes by the Myanmar government have discouraged two Thai insurers (Muang Thai Insurance and Muang Thai Life Assurance) and South Korean insurers (DB Insurance) from investing in the country.

The Burmese authorities, which until April 2019 allowed foreign investors to acquire outstanding shares of local insurers to create joint ventures only tolerate the acquisition of newly issued shares. This change compromised several local structures that were about to sell their shares and forced them to cancel a few transactions.

However, several foreign insurers have recently entered the national market:

• Japanese insurers Sompo Holdings, Mitsui Sumitomo Insurance and Tokio Marine Holdings have been allowed to invest in the non-life sector.
• Thai Life Insurance and Japan's Nippon Life Insurance and Taiyo Life Insurance will invest in life insurance.

Read also | Foreign insurers will soon be able to perform in Myanmar [4]