Mitsui Sumitomo Insurance ties up with KBZ to enter Myanmar market
YANGON, NNA - Japan's Mitsui Sumitomo Insurance Co. has partnered with Myanmar conglomerate KBZ Group and acquired a stake in its insurance arm to penetrate the growing nonlife insurance market in the Southeast Asian country.
The Tokyo-based major insurance firm has acquired a 10 percent stake for an undisclosed amount in KBZ MS General Insurance Co., formerly IKBZ Insurance Co., and will raise its share to 35 percent, the limit on foreign ownership, pending approval by authorities, according to a company statement released in late November.
The major Myanmar nonlife insurer plans to increase sales of car insurance as well as fire insurance via 20 branches of KBZ Group's KBZ Bank across the country.
They also plan to digitize sales and accident response using smartphones as Mitsui Sumitomo Insurance has introduced such technology in Thailand, Kazuyuki Akita, COO of KBZ MS, told NNA on Saturday.
"Myanmar is a key area expecting growth in middle-income population and demand for infrastructure," Tamaki Kawate, senior executive officer of Mitsui Sumitomo Insurance, said at a ceremony held in the financial capital Yangon on Saturday.
Nyo Myint, vice chairman of KBZ MS, said they are aiming to improve local people's lives by adopting the Japanese company's expertise. (NNA/Kyodo)