Chubb said that it has been selected by the Myanmar Ministry of Planning and Finance as an initial license holder to create a fully-owned life insurance subsidiary in the Southeast Asian nation.
Currently in the Asia Pacific region, Chubb has life insurance operations in six countries and territories, and general insurance operations in 13 markets.
The insurer is among five companies to be awarded the license following a competitive review process by the Myanmar government. The company said that the awarding of the licenses marks a major step by Myanmar to allow foreign-owned companies to engage in financial services like insurance and others in the country.
Chubb chairman and CEO Evan Greenberg said: “Myanmar is a nation of more than 54 million people with tremendous potential. Chubb is pleased that the Myanmar government has recognized the capabilities and experience that our company can bring to the market and has selected us to help build and strengthen their life insurance sector, which is integral to the economic and social fabric of the country.
“Life insurance is a long-term business, and Chubb looks forward to working with the Myanmar government, policymakers and local organizations to establish a successful, sustainable life insurance business.”
The insurance company maintains 240 plus offices, employs close to 6,000 people and has around 37,000 captive agents in the Asia Pacific region.
Last month, the company secured approval from the China Banking and Insurance Regulatory Commission to increase its stake in Huatai Insurance Group by 6.2% to 26.2%. Following the increased stake from Chubb, Huatai Group became the first domestic Chinese financial services holding company to become a Sino-foreign equity joint venture.
Last November, the insurance company introduced a new version of its Business Travel Smart Insurance in Hong Kong to help companies provide relevant coverage for business travel for their employees.
Chubb offers commercial and personal property and casualty insurance, reinsurance, life insurance, personal accident and supplemental health insurance in 54 countries and territories.
Last week, the company expanded its insurance solutions in Canada through its Private Equity+ offering to address the risks of Canadian private equity firms. The new product extends coverage, by combining professional, management and employment practices liability coverage, to insure private equity firms in Canada for a variety of activities and services.