Tuesday, March 5, 2013

AIA to open in Myanmar


Tuesday, 05 March 2013 11:03 Mizzima News

Asia's third largest insurer, the American International Assurance (AIA) Group Ltd, last week announced that it has received provisional approval to open a representative office in Myanmar, according to a Reuters report.

Chief executive Mark Tucker is reported as saying that AIA planned to open the office later this year, although he did not expect Myanmar operations to become material for at least five to 10 years.

"It [Myanmar] clearly once was a very attractive market and will be again," the company’s chief executive, Mark Tucker, told Reuters.

Up to six months ago, Myanmar’s insurance sector had been under the monopoly of state-owned Myanma Insurance. Since then 12 local private companies were given licenses to sell insurance products, which are expected to begin in mid-2013. The 12 include Japanese firms Sompo Japan Insurance, Mitsui Sumitomo Insurance, Tokio Marine Insurance, and Taiyo Life Insurance.

AIA is headquartered in Hong Kong, and last year bought stakes in insurance businesses in Malaysia and Sri Lanka.
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