- First National Insurance
- Public Company Limited.
- No.400-406, Merchant Street,ံ
- Botahtaung Township, Yangon, Myanmar.
- Tel: 01-8610661-5, Fax: 01-8610675-6
- E-mail: email@example.com
First National Insurance
IKBZ offers six different kinds of insurance coverage
Monday, June 03, 2013
International Kanbawza Insurance Company (IKBZ) launched insurance services yesterday and it is offering a total of six different kinds of coverage.
"IKBZ set up a 46 billion kyats capital investment in which 6 billion for life insurance and the rest for the others," the managing director Nyo Myint of the Kanbawza Group. He continued "More cash amount will be added for capital investment in the future.
The company is writing 6 different policies that are life, fire, surety bonds, transportation, cargo and money secure.
"Our life policy will cover snake bites, group life and athletic life," the principle office Tin Aye Win of the company said.
"The premium fees for the auto insurance will be priced based on auto licensing for commercial or personal use. A 10 million kyats worth auto's premium will be 160,000 kyats for commercial use vehicle and 80,000 kyats for personal use. Life policy can be purchased by a person who is age between 18 to 55 and healthy," the general manager Aung Soe Moe of the company said.
IKBZ was granted permission to operate insurance business in March. The office is located on Bosunpat Street in Yangon and the new office will be opened on Strand Street.
Source: Eleven Weekly Media
12 private insurance companies given conditional approval to start
operating in Myanmar
Law Firms in Myanmar - Insurance Defense: Find Law Firms in Myanmar by Location and Area of Practice.
Myanmar Insurance incorporated in 1952, Myanmar Insurance with its network 0f 38 branches established all over Myanmar, including one divisional/state office in each capital city of 14 States and Divisions is the Sole State-Owned Insurance Organization in Myanmar. The classes of insurance are as follows:---
|Various Kind Of Insurance Services Are Provided By Myanmar Insurance In Time|
to the official announcements of Myanmar Insurance, they spend
253915074.79 kyats & 5000 FECs for the compensation of 8 types of
insurances. They recouped for Third Party Liability Insurance,
Miscellaneous Insurance, Travel Insurance, Life Insurance, Health
Source : Myawaddy Newspaper 25th September, 2011.
AIA says has approval to open representative office in Myanmar
AIA Group, Asia’s third-biggest insurer, said on Wednesday that it was planning to open a representative office in Myanmar, as part of a strategy of targeting demand in fast-growing Southeast Asian economies.
AIA’s chief executive, Mark Tucker, told reporters on a conference call that the company had received “provisional approval” to open the representative office, which he described as a “listening and observing post”.
“It clearly once was a very attractive market and will be again,” Tucker said.
A representative office allows a company to establish a presence in a country but does not permit a company to conduct business.
AIA rival Prudential has previously expressed interest in Myanmar, whose insurance market could eventually produce US$1.6 billion (HK$12.4 billion) in annual premium revenues.
Southeast Asia’s young populations, relatively high rates of savings and fast-growing economies are have become increasingly attractive for life insurers that have been hurt by low interest rates and an economic slowdown in the West.
AIA last year bought insurance businesses in Sri Lanka and Malaysia. It said on Wednesday that it would establish a medium-term note programme to refinance part of its Malaysia acquisition.
The company also reported a 27 per cent rise in its value of new business last fiscal year. That metric, which measures the present value of future business, rose to US$1.19 billion (HK$9.23 billion) in the year ended November 30, while its new business margin climbed 6.4 percentage points to 43.6 per cent. AIA’s net profit was US$3.02 billion (HK$23.4 billion) or 18 cents per share.
Analysts on average had expected per-share earnings of 22 cents, according to Thomson Reuters data.
Shares of AIA, which is headquartered in Hong Kong, were up 2.1 per cent in morning trade, compared with a 0.6 per cent rise in the benchmark Hang Seng index.
Global insurer to open office in Myanmar
American International Assurance, the third largest insurance group in Asia, has received permission to open a representative office in Myanmar, news agencies reported last week.
"It clearly once was a very attractive market and will be again," the company’s chief executive, Mark Tucker, told Reuters.
A representative office will allow the insurer to establish a presence in Myanmar but does not allow it to do business here.
Myanmar’s insurance sector comprises one state-owned company and 12 private companies that were given permission to operate last year, including Japanese firms like Sompo Japan Insurance, Mitsui Sumitomo Insurance, Tokio Marine Insurance and Taiyo Life Insurance.
American International Assurance is headquartered in Hong Kong and, like other insurers, is drawn to Southeast Asia by its young populations, high savings rates and fast-growing economies.
Last year it bought insurance businesses in Malaysia and Sri Lanka.
The value of its new business rose 27 percent, to US$1.19 billion, last fiscal year, it said. Its net profit was $3.02 billion or 18 cents per share.
ျမန္မာႏုိင္ငံတြင္ ပုဂၢလိက အာမခံလုပ္ငန္း (၁၂)ခု မၾကာမီ ထပ္မံေပၚေပါက္လာရန္ ရွိေန......
ဇြန္လေနာက္ဆုံးပတ္အတြင္း ျမန္မာႏုိင္ငံတြင္ ပုဂၢလိက အာမခံလုပ္ငန္း
(၁၂)ခု ေပၚေပါက္လာရန္ရွိေၾကာင္း ဘ႑ာေရးႏွင့္ အခြန္၀န္ႀကီးဌာန