Japan’s Mitsui Sumitomo has entered Myanmar's insurance market, after agreeing a joint venture (JV) with local firm IKBZ Insurance. The MS&AD Insurance Group Holdings subsidiary is one of five Japanese insurers to recently join Myanmar's insurance sector via JVs. The investment is likely worth about 5 billion yen ($44.7 million). Myanmar will be the first country in Southeast Asia where foreign companies can enter into JV arrangements for their own insurance. Having previously been a closed market, Myanmar has begun taking applications for JVs within the country.
Japan’s Mitsui Sumitomo has entered Myanmar's insurance market, after agreeing a joint venture (JV) with local firm IKBZ Insurance. The MS&AD Insurance Group Holdings subsidiary is one of five Japanese insurers to recently join Myanmar's insurance sector via JVs. Myanmar will be the first country in Southeast Asia where foreign companies can enter into JV arrangements for their own insurance. Having previously been a closed market, Myanmar has begun taking applications for JVs within the country.