So far, four foreign life insurance companies have applied to form joint ventures with local partners while five non-life foreign insurance companies may also form similar partnerships, Daw Sandar Oo, the Chair of Myanmar Insurance Association, said during the Into Myanmar: Insurance Summit 2019 in Yangon yesterday. “We have received the joint venture proposals and will announce the result of the joint venture companies at the end of July,” said U Thant Zin, Director of Financial Regulatory Department under the Ministry of Planning and Finance (MOPF). Foreign insurers are able to take stakes of up to 35 percent in local insurers. In Myanmar, insurance penetration stands at just 0.07 percent of GDP, with the market valued at just US$70 million in 2016-17. Non-life insurers contributed to more than 70pc of the market. There are 30 categories of insurance products now being offered, with property insurance representing 80pc of total non-life income, according to … [Read more...] about Local insurance providers see growth potential in industry
Life insurance product
Money Hacks Ep 45: How to choose insurance in your 20s 8:44 mins Synopsis: In this podcast series every Monday, The Straits Times and The Business Times break down actionable financial tips. This episode is brought to you by OCBC Bank. It is aimed at insurance, a product which the young in their 20s need, but sometimes find it hard to figure out what they should get first. Money Hacks' Chris Lim hosts 29-year-old Navin Sregantan, a journalist at The Business Times and Mr Kelvin Goh, OCBC Bank’s Head of Investments and Wealth Advisory. In a Jan-Feb 2019 Frank by OCBC survey of 866 students and young working adults aged 16-29, only slightly more than half were aware of different insurance products, and less than half considered themselves knowledgeable about insurance. Are there still myths or misconceptions about insurance? 1:10 mins - Banks actually do provide some insurance plans, and how to use self-service banking tools like OCBC Life Goals to plan and identify gaps and … [Read more...] about ST Podcast: How to choose insurance in your 20s
On April 5, 2019 the ministry identified Prudential Hong Kong, a subsidiary of the UK’s Prudential; the US’ Chubb Tempest Re; Canada’s Manufacturers Life Insurance Company (Manulife); Japan’s Dai-ichi Life Insurance Company; and Hong Kong’s AIA Company, which operates as a subsidiary of the pan-Asian firm AIA Group, as preferred applicants for foreign life insurance licences. This follows the MoPF’s announcement in January 2019 that foreign companies would be allowed to enter the market to sell life and non-life insurance products. Prior to this, foreign firms were prevented from selling insurance in the domestic market, although in 2015 three Japanese insurers were granted provisional licences to operate within the confines of the Thilawa Special Economic Zone, 25 km south-east of the commercial capital, Yangon. Pre-licensing conditions and next moves To be able to launch their operations, the preferred applicants will need to meet a set of … [Read more...] about The benefits of joint ventures to Myanmar’s insurance sector
An OFW asks, 'Should I buy my health insurance now for my retirement in the Philippines 10 years from now?' Question: Hi Miss Rose! I wish to check your thoughts on this po. OFW po ako in Singapore. Maganda ang health insurance coverage namin dito pero gusto naming maghanda para sa aming retirement sa Pinas probably in 10 years. Naisip naming kumuha na kami ng insurance kahit na overseas pa. Kaya lang parang walang health insurance product sa Pinas na suitable sa OFW. Any suggestions po? Mag-iipon na lang po ba kami at bibili na lang ng health insurance paguwi namin sa Pinas? Ang downside po kasi e baka may pre-existing conditions na by that time. Looking forward to your inputs po. Thanks and God bless. Answer: Hi Resie. I’m glad to hear that you currently have a good health insurance coverage in Singapore. I also admire your proactive attitude about your retirement and a good retirement definitely includes your health matters taken care of. It is … [Read more...] about An OFW asks, ‘Should I buy my health insurance now for my retirement in the Philippines 10 years from now?’
The beautiful, sun-kissed islands of our tourism paradise of the Philippines have the mixed blessings of abundant natural resources, fertile volcanic soil and also lots of natural disasters once in a while, such as earthquakes, volcanoes erupting, typhoons, and others. How can businesses — most especially the numerous micro, small and medium-scale enterprises (SMEs) — be prepared for any natural or manmade disasters? How can small enterprises and professionals survive calamities and accidents? The following is not based just on textbook research or interviews, but I personally suffered a destructive accidental fire in one of my businesses and it was caused by the fire from a next-door neighbor’s business (which had mysteriously been allowed to operate by the fire department without any fire extinguishers, while my staff had to use up to 13 units of 10-kilo and 20-kilo fire extinguishers). Here are suggestions for all of us: Review and be sure to update your … [Read more...] about How can small businesses & professionals prepare for disasters?