Local insurer International KBZ Insurance (IKBZ) Co Ltd has opened a branch office in Meikhtila in Mandalay region in a bid to tap the nascent insurance market of the country.
Meikhtila office is one of the 13 branch offices of IKBZ in Myanmar and the second in Mandalay region. IKBZ, which started operation in 2013, is one of the 11 private insurance firms which was given licences to operate in 2012, following decades of monopoly by the state-run Myanmar Insurance Enterprise (MIE).
U Nyo Myint, senior administrative director of KBZ Co Ltd, said, “Our branch offices are equipped to provide insurance services for life, property and businesses. More branch offices in other states and regions will also be opened as we plan to expand IKBZ’s operation.”
Dr Maung Maung Thein, chairman of Insurance Business Supervisory Board and deputy minister for finance, “Insurance firms need to develop in order to boost the economic development of the country. We can prevent many financial losses if the insurance industry is flourishes.
“Opening of insurance branch offices all over the country is important for the growth of the sector. People can buy insurances easily if branch offices are situated in convenient locations. The opening up of insurance industry is part of the financial inclusion plan being implemented by the ministry.”
IKBZ provides services for fire insurance, motor vehicle insurance, life insurance, money safety insurance, money transfer insurance, special travel insurance and integrity insurance. Health insurance became the newest service for local insurers since July 1.
Aung Soe Oo, general manager of IKBZ, “We are going to prioritise health insurance and going to conduct awareness programs around the country at all branch offices to encourage people to take up insurance services.”