Chubb has launched operations of its 100% owned life insurance subsidiary in Myanmar today (28 Nov). It will offer a range of products designed specifically to meet the protection and savings needs of the people in the nation.
Chubb Life has appointed Son Nguyen to lead the business as Country President.
Mr. Nguyen has more than 25 years of experience in insurance, auditing and finance in Asia and international markets. Most recently he served as Deputy Country President for Chubb Life Vietnam. Mr. Nguyen will report to Cunqiang Li, Chief Operating Officer, Chubb Life.
Chubb was selected by the Myanmar Ministry of Planning and Finance to receive a license – formally awarded on 28 November 2019 – to establish a wholly-owned life insurance subsidiary in the country. Chubb’s Life business in Myanmar is headquartered in Yangon, with additional offices to be opened in due course.
Russell Bundschuh, Senior Vice President, Chubb Group and President of Chubb Life, said: “We are pleased to launch our life business in Myanmar, a rapidly developing nation that recognizes a successful, sustainable insurance sector is integral to the economic and social fabric of the country.
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“Chubb Life, under the experienced and capable leadership of Son Nguyen, will be introducing savings and protection products in accordance with the insurance regulations of Myanmar. We are committed to helping the country develop its insurance industry and look forward to working with the regulator, policymakers and local organizations to help the people of Myanmar build and protect their families and businesses.”
As part of Chubb Life’s commitment to Myanmar, its people and future development, the company will work closely with the regulator to increase financial literacy and financial inclusion. To help build world-class actuarial and underwriting functions, technology and services, Chubb Life will share best practices.
The company will also actively partner with the business community to support growth of the overall economy, drive foreign investment, deliver greater employment and create new economic opportunities across the country.
Chubb Life is the international life insurance division of Chubb. In Asia, Chubb Life operates in Hong Kong SAR, Indonesia, Korea, Myanmar, Taiwan, Thailand, Vietnam and participates in a joint-venture in China.
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