Zurich-based ACE, one of the world’s largest insurance companies, has announced that it was moving to open an office in Yangon later this year after receiving provisional approval from Myanmar’s Directorate of Investment and Company Administration.
With operations in 53 countries, including Myanmar’s ASEAN partners Thailand, Indonesia, the Philippines and Vietnam, the ACE Group offers commercial and personal property insurance, as well as liability, personal accident, health and life assurance. It said in a May 23 statement that the firm also intended establishing relationships with other insurance market participants including insurance agents, brokers and other insurance and reinsurance companies.
According to Evan Greenberg, ACE’s chairman and chief executive officer, “With ACE’s experience in many emerging markets around the globe, we hope to contribute to the development of the insurance market and economy of Myanmar. The ongoing political reform process, encouraging demographics of a relatively young and growing population as well as the increased per-capita income make Myanmar an attractive market for the future. We look forward to the prospect of lending our expertise in helping to build a strong and efficient insurance market, and we are committed to growing our presence over time to serve the protection needs of the nation’s citizens and businesses.”
