Insurance providers in Myanmar can expect a more competitive and promising landscape on which to do business, with 55 million people, close to 8% of Asia's population, therefore, Myanmar will be a key insurance market, with an enormous opportunities predicted to hit $2 billion in premiums by 2030, with over the half the population is under 30 where few people have coverage and the middle class is growing
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Progress is taking place in Myanmar's insurance sector. In August 2017, the Directorate of Investment and Company Administration (DICA) approved the establishment of Myanmar’s Association of Insurers giving a voice to the industry and Myanmar's twenty-four representative office. Now, Myanmar insurance industry poised for reform, awaits liberalization that will set the tone for new opportunities and challenges in Myanmar's insurance sector that will bring new opportunities to global players wanting to find a footing in Myanmar’s insurance market.
This move and the liberalization are eagerly awaited as Myanmar is one of the last frontiers with enormous opportunities predicted to hit $2 billion in premiums by 2030, with 55 million people, close to 8% of Asia's population, over the half the population is under 30, making working age insurance products the most relevant. For insurance companies that see high potential in a country where few people have coverage and the middle class is growing, Myanmar will be a key insurance market. As such, Myanmar’s Insurance Pricing, Underwriting Cycle Modeling & Insurance Risk Benchmarks in the New Regulatory Conference 2018is a timely platform to provide clarity on licensing for foreign insurers and brokers, as well as to assess readiness for the impending liberalization that will bring best practices in delivering consistent excellence in underwriting, pricing advantage and claims, while providing protection at a fairer price that reflects the true level of exposure, including benchmarking of insurance products in Myanmar insurance industry.
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