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 Myanmar Holdings Limited is one of five Japanese insurers to recently join Myanmar 's insurance sector via JVs . Shortlisted applicants will be announced in May. Myanmar ended a long-held state monopoly in 2013, permitting 11 local private companies to begin offering insurance. This follows a decision in January by the Myanmar government to relax the rules on foreign insurance companies operating in the country . Having previously been a closed market , Myanmar has begun accepting 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 Myanmar Holdings Limited is one of five Japanese insurers to recently join Myanmar 's insurance sector via JVs . This follows a decision in January by the Myanmar government to relax the rules on foreign insurance companies operating in the country . Having previously been a closed market , Myanmar has begun accepting applications for JVs within the country .