Foreign insurers have been itching to move into Myanmar. The country has 54m people, most of whom are under 30
is a cheery 22-year-old liquor-store clerk from Mandalay, a city in central Myanmar. Death, and other less-certain future misfortunes, are far from his mind. A host of insurance companies newly arrived in the country would like to change that. Last week the finance ministry issued licences to foreign life insurers for the first time. Five——have been permitted to operate as wholly owned subsidiaries. Others are required to find local partners.
Foreign insurers have long licked their lips at the prospect of moving into Myanmar. South-East Asia’s largest mainland country, it is home to 54m people, more than half of whom are under 30. Less than 4% of the population has insurance of any sort. But under military dictatorship, which ended in 2011, the market was monopolised by a state firm.
Aung Si Thu Kyaw, a fruit trader in Yangon, has motor but not life insurance because he doesn’t understand how this “new concept” works. A freelance agent based in Yangon told a local magazine in February that, while fire and vehicle insurance were popular, life policies were a much harder sell. The only people he could persuade to buy one were his relatives., also attributes anaemic growth to a lack of trained sales agents—and of attractive products.
Both Mr Mancham and Son Nguyen, the president of Chubb Myanmar, see their industry’s future in modern technology. Just 26% of Myanmar’s adult population have a bank account, but there are more phones than people. Chubb andplans to sell its products via Facebook. Perhaps in time Mr Thar will come to rely less on karma, and arrange a safer future with a tap on his phone.
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