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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Myanmar non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Myanmar's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Myanmar non-life (P&C) market as well as trends by line of business. Axco analysts also report on Myanmar's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Myanmar's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Myanmar, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Myanmar, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Myanmar with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
The measures implemented by the Myanmar government to contain the spread of COVID-19, together with the weakening world economic growth, significantly impacted all sectors of Myanmar's economy. Real GDP growth for the year ending September 2020 was estimated at around 1.3%, compared to 6.4% in the previous year. Nevertheless, with the impetus of new joint venture partners from abroad and market liberalisation, non-life premiums continued to show strong growth, of some 80% for the 2019-20 year.
In January 2021 the Insurance Business Regulatory Board ....
This is a brief extract of information; more updated information may be available in the latest published report.