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
U s able life insurance
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
Sadly, we at the Embassy in Bangkok have seen many instances whereU.S. citizens discover, too late,that essential, high-qualityhealth care is out of financial reach and their options are limited. As you contemplate your own preparedness, we urge you to plan for a few key expenses: medical treatment, nursing care, and, if necessary, medical evacuation. Do You Have a Plan to Receive Treatment in Thailand? Access to healthcare in the United States and Thailand differs. When you live abroad, Medicare(https://travel.state.gov/content/travel/en/international-travel/before-you-go/your-health-abroad/insurance-providers-overseas.html) cannot pay for your healthcare.U.S. healthcare programs that can sometimes be used overseas, such asprivate health insurance, TRICARE (http://www.tricare-overseas.com/), andVA-provided care (https://www.va.gov/COMMUNITYCARE/programs/veterans/fmp/index.asp), work differently and may require upfront payments.As a non-Thai, youdo not enjoy the same … [Read more...] about Have a Plan for Successful Aging ?
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?’
There are those who go mountaineering after practising with climbing clubs and there are those who go on hiking trips by signing up with travel agencies. Hiking is rougher than ordinary journeys that most people go on. “People asked me why I go on tiring hiking journeys and my answer is I like the feeling of stepping on the peak,” said avid hiker and climber Ma Khin Zarli. Thanks to her passion for hiking, she joined a university mountaineering club called Thabawa Khawthan Foundation (Nature’s Call) in 2013m and has been happily pursuing her hobby since. In April this year, she successfully reached the peak of Mount Phon Kan Razi in Kachin State, which is 3635 metres tall. There are different types of mountains and all have a lot of difficulties and dangers, Ma Khin Zarli said about her mountaineering experiences. She said she’s proud of herself for her effort and determination and feel a great deal of accomplishment when she reaches the summit. … [Read more...] about What it takes to get to Myanmar’s highest peaks