Wai Linn Kyaw/MBT
After three foreign insurance companies gained permission to provide services in Thilawa Special Economic Zone, they will be joined by local insurance company IKBZ which will start their operations at the end of November.
“We are doing market research to operate in Thilawa Special Economic Zone and we are the first local insurance company to operates in Thilawa SEZ,” said U Nay Myo Aung, managing director of IKBZ.
IKBZ is also implementing a program in which people can apply for insurance services over the internet. The necessary systems are mainly finished and operations can start in November, he added.
U Nay Myo Aung told Myanmar Business Today that local insurance companies who operate in Thilawa SEZ can offer a maximum premium of $500,000.
IKBZ is currently offering nine types of insurance services; fire insurance, fiscal insurance, cash transport insurance, health insurance, life insurance, group life insurance, auto insurance, cargo insurance and travel insurance across Myanmar.
IKBZ has 14 offices in 12 states and regions. IKBZ was the first licensed insurance company to open in Myanmar when they started operations in June 2013 with paid-up capital of K46 billion.
From:Myanmar Business Today