New India Assurance Re-enters Myanmar
New India Assurance Co re-entered the Non-life market in Myanmar after many years , as it opened a Representative Office at Yangon in first week of June . . Mr Srinivasan, Chairman cum Managing Director described this as home coming, as the Company was one of the largest insurers when it was nationalized by Myanmar in 1960s. The Myanmar Insurance market is slowly opening to Foreign banks and Insurers , and a representative office is seen as the first step. The office was inaugurated by Dr Maung Maung Thein , Deputy Finance Minister , and he welcomed the Indian Government owned Insurance company and said the development of Insurance sectors essential for development of Myanmar economy. He underlined the importance of foreign insurers in bringing technical knowhow and technology. He went on to state that’ this is the beginning of the beginning and there are many more things coming “
Mr Srinivasan assured that New India would contribute towards orderly growth of Non-life Insurance business in this emerging market and also offered to develop training in Insurance to develop skill and contribute to employment of Citizens of Myanmar. He noted that the trade and commerce between the two countries are increasing and currently it is in favour of Myanmar. He said Myanmar would be 28th country of presence for New India Assurance .
Mr Gautham Mukopadhaya , Indian Ambassador to Myanmar, speaking at the occasion , stated that the bilateral trade would touch USD 3 billion , possibly in this year. He welcomed the Govt owned banks who have come in and , New India assurance who has made the decision to enter the market. He also pointed out that greater presence of Indian Financial sector in Myanmar , would help utilization of this fund and increase Indian investment in the country.
The function , held at Hotel Sule Shangri-la , in Yangon was attended by many insurers , senior officials of Myanma Insurance Co, Brokers , Banks and others
( the photograph taken at the function, shows Mr G Srinivasan, CMD, New India Assurance , Dr Maung Maung Thein, Dy. Finance Minister , Govt of Myanmar, Mr Gautham Mukhopadhaya, India Ambassador to Myanmar , U Aye Mein Thein, Secretary of Insurance regulatory Board, U Sein Mein, General Manager , Myanma Insurance , K. Sanath Kumar , Director & General Manager , New India Assurance Co Ltd and Mr Nirmalya Chandra , New India’s Representative officer in Yangon.)