9 December

KBZ MS General Insurance, a joint venture between IKBZ, a major private non-life insurance company, and Japan’s Mitsui Sumitomo Insurance started operations yesterday.

The JV was launched with a ceremony as per Myanmar and Japan traditional customs at the Sule Shangri-La Hotel in Yangon. Yangon Region Minister U Myint Thaung, Japanese Ambassador Mr. Ichiro Maruyama, Deputy Director-General of the Ministry of Financial Institutions’ Supervisory Department, Vice Chairman of IKBZ Insurance U Nyo Myint, and Executive Managing Director of MSIG Mr. Tamaki Kawate delivered opening remarks at the ceremony.

With Myanmar allowing foreign-owned insurance companies to operate joint venture businesses with local insurers, IKBZ and MSIG have formed KBZ MS General Insurance.

IKBZ was the first private insurance company in Myanmar, and since its establishment, it has been one of the top 50 taxpayers for five years in a row. MSIG is the top insurer in Asia offering international insurance, and is listed among the top 10 insurance companies globally.

Through the joint venture, KBZ MS would bring modern technology and international insurance expertise to Myanmar market and provide high-quality insurance services to the Myanmar people. —GNLM