Myanmar Insurance Industry – Key Trends and Opportunities to 2028
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Myanmar Insurance Market Overview
The gross written premium of the Myanmar insurance market was MMK1.1 trillion ($506.7 million) in 2023. The market is expected to achieve a CAGR of more than 13% during 2024-2028. The Myanmar insurance market research report provides in-depth market analysis, information, and insights into the Myanmar insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
Myanmar Insurance Market Outlook, 2023-2028 (MMK Trillion)
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The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Myanmar economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Market Size (2023) | MMK1.1 trillion ($506.7 million) (GWP) |
CAGR (2024-2028) | >13% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Trends | · Weather Index Insurance
· Bancassurance · Critical Illness |
Key Segments | · Life Insurance
· General Insurance |
Leading Players | · Grand Guardian
· Myanma Insurance · Aung Myint Moh Min · Excellent Fortune Insurance · CB Insurance |
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Myanmar Insurance Market Trends
A few of the recent trends influencing the Myanmar insurance market are bancassurance, weather index insurance, and insurance for critical illness. For instance, in January 2023, Manulife launched a new critical illness insurance solution. The new plan can be attached to a base plan, such as the Manulife Protector life insurance plan. It protects customers against death and total and permanent disability, as well as from high medical costs and loss of income in the case of a life-threatening critical illness. Its objective is to relieve financial pressure on family members so that the insured party can concentrate on recovery.
Myanmar Insurance Market by Segments
General insurance led the Myanmar insurance market in 2023
The key segments in the Myanmar insurance market are life insurance and general insurance. In 2023, the general insurance sector accounted for a prominent share of the total Myanmar insurance industry’s GWP. The key lines of business in the general insurance segment of Myanmar’s insurance market are property, motor, liability, financial lines, and MAT among others.
Myanmar Insurance Market Analysis by Segments, 2023 (%)
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Myanmar Insurance Market – Competitive Landscape
Grand Guardian was the largest Myanmar insurance market player in 2020
The key companies in the Myanmar insurance market are:
- Grand Guardian
- Myanma Insurance
- Aung Myint Moh Min
- Excellent Fortune Insurance
- CB Insurance
Myanmar Insurance Market Analysis by Players, 2020 (%)
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Scope
This report provides a comprehensive analysis of the Myanmar insurance industry:
- It provides historical values for the Myanmar insurance industry for the report’s 2019-2023 review period and projected figures for the 2024–28 forecast period.
- It offers a detailed analysis of the key categories in the Myanmar insurance industry and market forecasts for 2027.
- It profiles the top life insurance companies in Myanmar and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Myanmar insurance industry.
- A comprehensive overview of the Myanmar economy, government initiatives, and investment opportunities.
- The Myanmar insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Myanmar insurance industry’s market structure gives details of lines of business.
- Myanmar’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Myanmar insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Myanmar insurance industry.
- Assess the competitive dynamics in the Myanmar insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Myanma Insurance
Aung Myint Moh Min
AYA SOMPO
KBZMS
First National
CB Insurance
AIA
Table of Contents
Frequently asked questions
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What was the Myanmar insurance market gross written premium in 2023?
The gross written premium of the Myanmar insurance market was MMK1.1 trillion ($506.7 million) in 2023.
-
What is the growth rate of the Myanmar insurance market?
The insurance market in Myanmar is expected to achieve a CAGR of more than 13% during 2023-2027.
-
Which segment dominated the Myanmar insurance market in 2023?
The general insurance segment dominated the Myanmar insurance market in 2023.
-
Who are the major players operating in the Myanmar insurance market?
The key companies in the Myanmar insurance market are Grand Guardian, Myanma Insurance, Aung Myint Moh Min, Excellent Fortune Insurance, and CB Insurance.
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