The Myanmar government reportedly has granted operating licenses to five insurance companies in line with its financial reform policy. International Kanbawza Insurance, a subsidiary of Kanbawza Bank (KBZ) is the first insurance company to have started operation in the city of Yangon, providing both standard insurance and microinsurance[1].
Grand Guardian, Aung Thitsar Oo, Citizen Business Insurance Public Limited and Aung Myint Moh Min are the four other insurance companies expected to start operation later in 2013.
As of 2012, International Kanbawza Insurance (IKBZ) had a of branch network of 100 and total capital of MMK 69 billion (USD 72.2 million). Citizen business insurance has 52 employees. Further information on these firms is unavailable as are details on the other three named above.
By Ernie B.D. Wulff, Research Associate
About Kanbawza Bank (KBZ)
Kanbawza Bank (KBZ) is a privately-owned bank headquartered in Yangon with 100 branches across Myanmar. The bank began operations on July 1 1994 in Taunggyi, the capital of the state of Southern Shan. KBZ Bank has capital of MMK 69 billion (USD 72.2 million) as of 2012.
About Grand Guardian
Grand Guardian is a publicly-owned insurance company headquartered in Yangon, Myanmar. The company was established in 2012 and aims to provide insurance services covering motor, fire, group, sportsman, life and cash in transit.
About Citizen Business Insurance Public Ltd
Citizen Business Insurance is a publicly-owned insurance company headquartered in the city of Yangon in Myanmar. The company operates with 52 employees.
Sources and Additional Resources
Government of Myanmar Story: “First private insurer starts business in Myanmar”,
http://www.china.org.cn/world/Off_the_Wire/2013-06/13/content_29110210.htm
MicroCapital Story, April 22, 2013, “MICROCAPITAL BRIEF: Insurance Regulatory and Development Authority (IRDA) of India Expands Allowable Microinsurance Agent Entity Types,” https://www.microcapital.org/microcapital-brief-insurance-regulatory-and-development-authority-irda-of-india-expands-allowable-microinsurance-agent-entity-types/
MicroCapital Story, October 5, 2012, “MICROCAPITAL BRIEF: India’s Insurance Regulatory and Development Authority May Require Insurers to Sign Up All Poor Families Within 5 Years,” https://www.microcapital.org/microcapital-brief-indias-insurance-regulatory-and-development-authority-may-require-insurers-to-sign-up-all-poor-families-within-5-years/
MicroCapital Story, August 6, 2012, “MICROCAPITAL BRIEF: Insurance Regulatory and Development Authority (IRDA) of India Proposes Shop Owners be Allowed to Sell Microinsurance,” https://www.microcapital.org/microcapital-brief-insurance-regulatory-and-development-authority-irda-of-india-proposes-shop-owners-be-allowed-to-sell-microinsurance/https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=IRDA
MicroCapital Universe Profile: Kanbawza Bank (KBZ)
https://www.microcapital.org/microfinanceuniverse/tikiindex.php?page=Kanbawza+Bank+%28KBZ%29
MicroCapital Universe Profile: Grand Guardian
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grand+Guardian
MicroCapital Universe Profile: Citizen Business Insurance Public Ltd
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