Korean insurance firm opens office
South Korean-based Dongbu Insurance has opened an office in Yangon with the opening ceremony taking place at the Sule Shangri-La Hotel.
“Myanmar will be a big insurance market with prospects for sustainability and market expansion. Our company will offer non-life insurance services,” said Kim Jeong Nam, president of Dongbu Insurance Co Ltd.
It is 16th international insurance office to open in the country.
Dr Maung Maung Thein, deputy minister for finance, said: “The country has seen a massive influx of foreign companies thanks to the government’s reforms. We expect the company will cooperate to develop Myanmar’s insurance market.”
The 16 insurance offices include Sompo Japan, Mitsui Sumitomo, Tokio Marine and Nichido Fire Insurance, Taiyo, Poema, American International Assurance, Samsung, Great Eastern, Prudential Holdings, ACE INA international Holdings, Pana Harrison, Manulife Financial Life Insurance and Willis.
Dongbu was formerly known as Public Automobile Insurance Co Ltd, changing its name in 1995. Founded in 1962, its headquarters are in Seoul, South Korea, with offices in the USA, China and across Southeast Asia.