New Delhi — Sixteen of the world's largest insurance companies have been urged to stop trading in Burma , whose military rulers are infamous for their appalling human rights violation, a new report on Tuesday said.
The Burma Campaign UK , a group advocating for human rights and democracy in Burma , in its new report said, these companies are allowing billions of dollars worth of investment in Burma by insuring the operation of foreign business enterprise.
The report, titled 'Insuring Repression', said these investments have not benefited civilians but instead financially supported the brutal regime in their campaign of repression and ethnic cleansing.
The author of the report, Burma Campaign UK's Campaign Officer, Johnny Chatterton said, these companies are helping fund the military dictators and are happy to insure the regime's income.
"They must stop," Chatterton said.
He, however, said he could only name and shame 16 companies but "there are probably many more."
Chatterton said these firms are supporting the Burmese regime that rules through fear – rape, torture and killing of Burma 's civilians.
The report, which is the result of a six-month long global research project that involved contacting over 500 insurance companies and professionals worldwide, said it uncovered that companies in London, Antwerp, Singapore, Thailand, Germany, Bermuda, Japan and Malaysia provide insurance services to companies in Burma.
All insurance coverage in Burma is done through the Myanma Insurance Company, which is protected by a special law, that makes it illegal and punishable to bypass the Myanma Insurance Company.
Through this mechanism, the Burmese military government is earning billions of dollars worth of investment from foreign insurance companies, the report said.
The author said, in order to stop propping up the Burmese regime financially, the European Union must ensure that its companies no longer trade in Burma through tightened and targeted financial sanctions.
"The European market dominates the global insurance market, which is why we are calling the EU to impose targeted financial sanctions," Chatterton said.
The EU currently imposes a ban on imports in timber, gems, and metals from Burma , a limited investment ban, a visa ban for senior regime officials and their families and an arms embargo.
"EU sanctions would be particularly effective as they would deprive the regime, and those companies that operate in Burma access to some of the world's biggest insurance markets," said the report.
The report's list of 16 companies includes Lioyd's of London, Hannover Re, Catlin, Atrium Underwriting, XL, Tokio Marine, Sompo Japan, Mitsui Sumitomo Insurance, QBE, ACE, Labuan Re, OCBC Bank, Pana Harrison, Target Insurance Broker, Arab Insurance Group (ARIG) and AI Wasl.
