Myanmar is ‘an attractive market’ says boss Greenberg
ACE has received provisional approval from Myanmar’s directorate of investment and company administration to open a representative office in Myanmar. The company is completing the registration process with the local authorities with the intention of opening the office in the city of Yangon this year.
“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,” said ACE chairman and chief executive Evan Greenberg. “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.”
As well as acting as a liaison office for ACE’s multinational clients that may have risks in Myanmar that require insurance, the representative office will enable ACE to build relationships with the Myanmar regulatory authorities, the country’s business sector and other insurance market participants including insurance agents, brokers and other insurance and reinsurance companies. The office will lead ACE’s efforts to participate in and help build Myanmar’s insurance sector.