Myanmar, in an attempt to promote and oversee the insurance sector, has recently set up a Financial Regulatory Department. The future of insurance sector seems quite bright in this company and seeing that as an opportunity various Japanese insurers have showed a keen interest in investing in Myanmar. Even before the insurance market was open to foreign companies, the Japanese has begun offering their support in order to help develop the Myanmar’s insurance sector to its full potential. They did so in hopes that the market will be opened to them in near future. Their prediction proved to correct when first foreign insurance license was given to Thilawais, Japan. Many other Japanese companies are also already working with Myanmar’s insurance companies and sharing their knowledge and expertise with them.
Financial Service Agency is one of the most prominent names in the list of Japanese companies involved in Myanmar’s insurance sector. This company specializes in multiple types of insurance products and in Myanmar it is working with both life insurers and general insurers. The list of other prominent Japanese companies working to support this nation’s insurance sector includes Tokio Marine & Nichido Fire Insurance Co., Sompo Japan Nipponkoa Insurance Inc. and Mitsui Sumitomo Insurance Co.