Insurance in Myanmar

Myanmar's insurance system is based on the Insurance Business Law 1996, the Insurance Business Rules 1997, the Myanma Insurance Law, the Social Security Law 2012 and the Social Security Rules 2014. The Insurance Business Regulatory Board (IBRB) licenses and regulates insurers, underwriting agents and insurance brokers. The Financial Regulatory Department (FRD), including its Insurance Business Regulation and Supervision Division, carries out operational supervision under the Ministry of Finance and Revenue. An insurer, agent or broker may not operate without the required licence, and operating without a licence can lead to imprisonment for up to five years, a fine of up to MMK 500,000, or both. A licence cannot simply be transferred to another operator. Myanma Insurance is the state insurer and provides both life and non-life insurance. Licensed private providers offer life and general insurance, often through agents or brokers. The FRD recorded 27 insurers, 40 approved products, 33 representative offices, 4 adjuster and surveyor companies, 8,834 licensed agents and 32 corporate agents in March 2023; these figures are historical and do not establish the current market. The FRD's June 2023 company list included Myanma Insurance, KBZ Life, AYA Myanmar Life Assurance, First National Insurance, Global Life, AIA Myanmar Life, CHUBB Life, Dai-ichi Life, Manulife, Prudential, AYA Sompo, KBZMS General and Grand Guardian Tokio Marine. Check the current licence and product status with the FRD or IBRB before paying a premium. IBRB's Solvency Directive 2/2024 uses capital and risk-margin requirements to assess an insurer's ability to pay claims and benefits, while Directive 3/2024 regulates asset investment. Available products include life assurance, personal accident and disease cover, health-related protection, fire, burglary, fidelity, cash-in-transit, cash-in-safe, marine cargo and hull, aviation, engineering, travel, oil and gas, credit guarantee, comprehensive motor and liability insurance. Premiums depend on the product, insured amount, risk, vehicle, coverage period and underwriting decision. A licensed provider must give the applicable policy terms; no single premium or benefit level applies to all policies. Vehicle owners must obtain compulsory third-party liability insurance with Myanma Insurance, with the premium paid at registration or renewal. An accident should be reported without delay to the responsible authority, the police and Myanma Insurance. The published motor-claim practice requires written or telephone notice as soon as possible and no later than seven days after the event. Do not repair vehicle damage before Myanma Insurance gives approval. A claim generally requires the claim form, vehicle and accident details, and supporting medical or official reports where relevant. Myanma Insurance publishes a third-party death limit of MMK 3,000,000 and a maximum of MMK 50,000,000 per event for its comprehensive motor product. Its listed minimum comprehensive motor premiums are 1.072% of the insured amount for private vehicles and 1.734% for commercial vehicles, with terms of 3, 6, 9 or 12 months; confirm the current quotation and conditions with the insurer. Cross-border third-party cover is available through Myanma Insurance at Tamu, Myawaddy, Tachileik and Muse for one month from entry to exit, subject to documents such as the owner book, wheel-tax document and valid driving licence. Certain businesses and organizations that may cause damage to state property, public life or property, or the environment must obtain compulsory general liability insurance with Myanma Insurance. The Ministry determines the sectors and scope covered by that requirement. Other business liability, property and personal policies depend on the risk and the contract. The Social Security Board (SSB), under the Ministry of Labour, administers statutory social insurance for legally covered establishments and workers. Covered areas include companies, shops and commercial establishments, transport, construction establishments operating for at least one year, foreign or citizen investment businesses, mining and gems, petroleum and natural gas, ports, freight handling and establishments under the Ministry of Labour. Exceptions include some seasonal farming and fishing work, non-profit organizations, establishments operating for less than three months, family-only businesses, non-business domestic services and certain casual, part-time or daily-wage work. An employer registers with the relevant Township Social Security Office. After registration or employment, the employer generally submits the new worker, a medical certificate and Form-2 within ten days; transfers, resignations, retirement and deaths must also be reported within ten days. A worker may contact the SSB directly if the employer has not registered the establishment or has supplied incorrect information. SSB protection includes medical care and sickness cash benefits, maternity care and cash benefits, post-retirement medical care, funeral benefits, family assistance, invalidity, superannuation, survivors' benefits, employment injury protection and statutory unemployment insurance. The operational status of unemployment benefits should be confirmed with the SSB before relying on them. Voluntary registration may be available for non-covered establishments, people without an establishment, students, housemaids, overseas workers, private or collective businesses, professionals and farmers, subject to the local SSB office and medical requirements. Contributions are normally paid monthly. The rules provide, among other rates, health and social care contributions of 2% from the employer and 2% from the worker for people under 60 at first registration, rising to 2.5% each from age 60; invalidity, superannuation and survivors' contributions of 3% each; unemployment contributions of 1% each; a worker housing-fund contribution of at least 25%; and an employment-injury contribution of 1% from the employer, potentially rising to 1.5% for repeated risk. Some rates require the relevant Ministry notification to take effect. The SSB portal recorded 35,532 registered establishments and 1,342,671 insured workers on 10 September 2026, but these figures are dynamic. Private claims follow the policy terms and usually require timely notice, a claim form, evidence, and any survey, approval or medical report required by the insurer. SSB benefits require benefit-specific documents, medical evidence and employer records submitted through the relevant Township Social Security Office. Fraudulent motor third-party claims can lead to criminal consequences. Private cover can change through renewal, an endorsement, a beneficiary change, paid-up status, surrender or termination only where the policy and product rules allow it. Myanmar has no general, source-confirmed cooling-off period that applies to every policy. When employment changes, SSB coverage may continue in some circumstances, and voluntary continuation may be available; the local SSB office must confirm the applicable procedure.