Summit to deliver insights on Myanmar insurance market opportunities

June 11-12, 2019 | Myanmar (Burma)

In a long-awaited move, foreign insurance providers have finally been given the green light to operate in Myanmar, according to a press release. Myanmar is the last frontier in South East Asia that has a great potential insurance market, with general insurance growing at 16.1% a year and life insurance at 25.3% a year, and with insurance density only estimated to be US$0.99537 and penetration at 0.07%. This liberalization is expected to accelerate economic growth through risk transfer and dramatic transformation is likely to affect the insurance industry over the coming months. Magenta Global (Singapore), in consultations with the industry regulator and players, will be hosting a two-day summit providing a platform for the gathering of local, regional and international participants.

Spotlight

Insurance companies are very much aware of the FinTech revolution: 74% of respondents see FinTech innovations as a challenge for their industry. There is a good reason to believe that insurance is indeed heading down the path of disruptive innovation, whether it is the effect of an external factor, such as the rise of the sharing economy, or the ability to improve operations using artificial intelligence (AI). However, despite these emerging trends, a disconnect exists between the amount of disruption perceived and insurers’ willingness to invest to defend against and/or take advantage of the innovation: 43% of the industry players claim they have FinTech at the heart of their corporate strategies, but only 28% explore partnerships with FinTech companies and even less than 14% actively participate in ventures and/or incubator programs.


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Spotlight

Insurance companies are very much aware of the FinTech revolution: 74% of respondents see FinTech innovations as a challenge for their industry. There is a good reason to believe that insurance is indeed heading down the path of disruptive innovation, whether it is the effect of an external factor, such as the rise of the sharing economy, or the ability to improve operations using artificial intelligence (AI). However, despite these emerging trends, a disconnect exists between the amount of disruption perceived and insurers’ willingness to invest to defend against and/or take advantage of the innovation: 43% of the industry players claim they have FinTech at the heart of their corporate strategies, but only 28% explore partnerships with FinTech companies and even less than 14% actively participate in ventures and/or incubator programs.

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