Chubb gains licence to enter Myanmar life insurance market
Property/casualty insurer Chubb has secured approval from the Myanmar Ministry of Planning and Finance to establish a wholly owned life insurance subsidiary in the country.
The insurer is said to be one of five foreign-owned companies awarded this right following a "competitive review process".
Chubb hopes the addition of Myanmar will strengthen its presence throughout the Asia Pacific region, which includes life insurance operations in six other countries and territories and general insurance operations in 13 markets.
Chubb recently increased its stake in China's Huatai Group, becoming the largest single shareholder in the company, while converting the financial services holding company to a foreign-invested joint venture under China law.
"Myanmar is a nation of more than 54 million people with tremendous potential. Chubb is pleased that the Myanmar government has recognized the capabilities and experience that our company can bring to the market and has selected us to help build and strengthen their life insurance sector, which is integral to the economic and social fabric of the country," said Evan Greenberg, chairman and chief executive officer of Chubb.
"Life insurance is a long-term business, and Chubb looks forward to working with the Myanmar government, policymakers and local organizations to establish a successful, sustainable life insurance business."
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