Japanese insurers have targeted local firms and Joint Venture arrangements in order to enter the Myanmar market.

Recently, the government has rigorously endeavored itself on further stimulating foreign investments, taking a concrete turn with the introduction of newer policies and reforms according to Colliers International Myanmar.

"Following the Ministry of Planning and Finance’s official announcement earlier this year, life insurance providers have finally been given the go-signal to operate in the country," they say. 

The following JVs are in the works:

• Japan's Tokio Marine Holdings - Grand Guardian's life insurance arm owned by Shwe Taung Group
• Nippon Life Insurance - Grand Guardian's life insurance arm owned by Shwe Taung Group
• MS&AD Insurance Group Holdings subsidiary Mitsui Sumitomo Insurance - IKBZ Insurance
• Sompo Holdings - AYA Myanmar Insurance under Max Myanmar Group
• Taiyo Life Insurance - Capital Life Insurance
• Meiji Yasuda Life Insurance - Thai Life Insurance, which will form a joint venture with Citizen Business Insurance.

As reported in the Nikkei Asia Review 

"As an industry practice, the majority of these companies are expected to occupy a whole office building dedicated for staffing, and are usually located in central business districts or dedicated finance hubs," says Colliers.

Colliers anticipates both multinational and local insurers to add their spot to the Yangon office landscape and urges developers to expect the rise in office space requirements in the years to come as more sectors experience easement from restrictions.

Sources: Nikkei Asia Review, Colliers International Myanmar

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