Myanmar: On the road to liberalisation

Michael Horn, Singapore

The decision in 2012 by the Insurance Business Supervisory Board (IBSB), Myanmar’s regulator, to invite applications for new insurance licences was an important first step in opening up the market in the country. Twelve  months ago, deputy finance minister Dr HE Maung Maung Thein described these domestic holders of the first private insurance licences – issued after 48 years of state monopoly – as "babies". But babies grow up.