Willis Group Holdings Plc has opened a representative office in Myanmar to cash in on the country’s growing insurance industry, the British global risk adviser, insurance and reinsurance broker firm said.
The office in Yangon will support Willis’ multinational and Asian client base, and also provide domestic businesses and the insurance industry in Myanmar with a point of contact, the firm said.
Political and economic reforms in Myanmar have recently fuelled a rise in demand for risk services and products, particularly in the infrastructure, construction, transportation, telecoms and energy sectors.
Adam Garrard, chief executive officer, Willis Asia, said: “We have seen a growing wave of interest in Myanmar and this is an exciting time to be opening our doors in Yangon. It is a fascinating country with deep natural resources and a large and youthful population.
“Myanmar’s insurance industry is at a relatively early stage in its development, and we are proud to be the first of the larger global brokers with an office there.
He said global expertise and experience of Willis, which is the world’s third-largest insurance broker by revenue, will help in the development of the insurance industry.
Khaing Zar Aung, chief representative officer, Myanmar, said: “This is an unmissable opportunity at a turning point in Myanmar’s economic history. Our presence on the ground enables us to liaise closely with local and global clients and insurers in Myanmar, and to strengthen and build relationships.
Khaing Zar Aung said Willis has already developed a strong relationship with Myanma Insurance by advising and placing reinsurance for its major risks.
“The new office will help us build on such links. Importantly, Willis will now be in a position to help Myanmar’s insurance industry to access the very latest risk management innovations and to develop best practice.”
Willis has more than 18,000 employees in over 400 offices around the globe, with revenues of over $3.3 billion.