Page 20 - Insurance Times August 2020
P. 20

Cover Story





         LIBERALISATION



         OF MYANMAR



         INSURANCE




         MARKET:



         OPPORTUNITIES



         FOR REINSURERS









                             Abstract                         Introduction

           Recently, Insurance Business Regulatory Board (IBRB),  Myanmar also known as Burma is situated in western part
           body under Ministry of Planning, Finance & Industry, the  of South Asia and strategically located between India &
           Republic of Union of Myanmar has issued 'Reinsurance  China with major ocean shipping lanes. It has been renamed
           Directive' which will be effective from 01 Oct 2020.  Thus  as Union of Myanmar in 1989 from Union of Burma. Its
           Myanmar has formally opened its gates to foreign   capital earlier known as English name Rangoon has been
           insurance players which shall not only contribute in the  renamed as Yangon.  Now Nay Pyi Taw (Naypyidaw) is
           economy of the country but also bring treasure of  proclaimed as capital of Myanmar since 2006. Burmese is
           experience & talent in insurance industry of the country.  the official language spoken by around 80% of the
           An attempt has been made to study the provisions of the  population. Myanmar is a country in transition with huge
           directive and its aftermath on the insurance industry of  potential for growth. Since its opening in 2011 and first
           Myanmar. Before moving to the discussion on the    democratic elections in 2015, trying to come out from
           Reinsurance Directive, it is important to understand the  shadows of authoritarian rule, economic mismanagement.
           dynamics of the country.
                                                              It shares its border with China in North & Northeast, Laos
                                                              to the East, Thailand to the Southeast, Bangladesh to the
                                About the author              West & India to the Northwest.  Andaman & Bay of Bengal
                                                              to its south having coastline of approximately 1930
                          Deepak Kumar                        Kilometers. ArakanYoma mountain range lies between India
                          MA, MSc, MCA, LLB, M Phil, FIII     & Myanmar.
                          Assistant Manager,
                          The New India Assurance Co. Ltd     It is disaster prone country exposed to floods, cyclones,
                          Gandhinagar,  Gujarat               earthquakes and droughts. It is located in seismically active

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