Kyobo Life Insurance will be able to start selling insurance products in Myanmar by the end of next year after receiving business approval from the Myanmar government.
Kyobo Life Insurance will be the first Korean life insurance company to enter the country after Myanmar’s local government started allowing foreign insurance companies to enter its local market in January.
Kyobo plans to use Myanmar as a stepping stone to gradually expand into other Asean countries and India, reported JoongAng Daily.
The company previously received approval from the Financial Supervisory Service (FSS) in June last year and a greenlight from Myanmar's local financial regulators recently. It plans to finish setting up its office by the end of this year and is currently looking for local partners in the Southeast Asian country to form a joint venture.
Check these out:
Myanmar's Reinsurance Revolution
Bancassurance: Capital Taiyo Life Insurance and Myanmar Citizens Bank (MCB) to provide life insurance products in Myanmar
Formal insurance licences granted to foreign insurers in Myanmar
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