Reinsurance Provider: JLT Representative Office Opened

The representative office of JLT, one of the world’s largest insurance and reinsurance providers was opened in Myanmar, Saturday.

Although Re-Insurance plays a vital role in insurance sector, it will be allowed to provide development of Myanma Insurance and do CSR in Myanmar, official from Ministry of Finance said.

DEPUTY MINISTER, MINISTRY OF FINANCE, H.E. DR. MAUNG MAUNG THEIN: During this year, 3 foreign insurance companies out of 20 have been allowed to run business in the special economic zone with some limitations. We selected those companies by assessing their performances like CSR activities here. For Foreign re-insurance companies, they are allowed to open office and to do only CSR activities here and have not allowed to run business yet now.

The representative office of JLT has plans to raise public awareness on insurance and to develop Myanmar  insurance sector.

Representative, JLT Myanmar Office, Claire Madar: We have over 135 branches across the world for re-insurances related with shipping, aviation, properties, construction, mining and so on. Although we have great expectation to invest in Myanmar, we will make only investment in the sector that the government allow to us. We have plans to conduct trainings on insurance services.

Currently 3 foreign Insurance companies out of 20 are allowed to operate the insurance services in the Special Economic Zones.