Myanmar's insurance sector poised for liberalisation

Subject

Myanmar insurance sector prospects.

Significance

Myanmar's insurance sector is underdeveloped, constrained by an onerous regulatory framework and absence of foreign industry actors, but 2017 is expected to see reforms that should catalyse the sector.

Impacts

• Foreign insurance companies may be given permission to take the first steps in conducting business in Myanmar.
• However, this would likely be limited to a closely defined customer base.
• A more robust and dynamic insurance sector could aid government revenues by aiding government bond sales, bringing in kyats.
• Myanmar insurers will face competition within ASEAN as the insurance sector develops.