Myanmar plans to open its insurance sector for foreign investors around 2015, giving the domestic private players sufficient time to strengthen their presence in the country.

The country has recently permitted 12 domestic companies to enter the insurance business,and UK-based insurer Prudential has expressed interest in the market, reported Reuters.

So far, the government-owned Myanma Insurance Enterprise has been the single entity in the insurance market.

Myanmar deputy minister of finance and revenue Maung Maung Thein told the news agency, "We need to give these local companies a chance to gain some experience in this business. And then, we will allow foreign investors to do insurance. I think it will happen around 2015."

Many foreign have shown interest to foray into the Myanmar insurance sector, pushed by slower economic activities and saturated market conditions globally.

The IMF has estimated Myanmar’s GDP to grow at 6% for the next five years.

Myanmar former military government launched nationalization of banks and insurance in 1963, when more than 70 local and foreign private insurance companies were operating in Myanmar.