Global risk adviser, insurance and reinsurance broker, Willis Group Holdings, has reinforced its commitment to Myanmar’s growing insurance industry by opening a representative office in the country.
The office in Yangon will support Willis’s multinational and Asian client base, and also provide domestic businesses and the insurance industry in Myanmar with a point of contact into Willis’s regional and global capabilities.
Political and economic reforms in Myanmar have fuelled a rise in demand for risk services and products, particularly in the infrastructure, construction, transportation, telecoms and energy sectors.
Adam Garrard, CEO of Willis Asia, said: “We have seen a growing wave of interest in Myanmar and this is an exciting time to be opening our doors in Yangon. It is a fascinating country with deep natural resources and a large and youthful population.”
“Myanmar’s insurance industry is at a relatively early stage in its development, and we are proud to be the first of the larger global brokers with an office there. We hope Willis’s global expertise and experience will help in the development of a strong insurance industry.”
The chief representative officer in Myanmar, Khaing Zar Aung, said: “This is an unmissable opportunity at a turning point in Myanmar’s economic history. Our presence on the ground enables us to liaise closely with local and global clients and insurers in Myanmar, and to strengthen and build relationships.”
“Willis has already developed a strong relationship with Myanma Insurance by advising and placing reinsurance for its major risks. The new office will help us build on such links. Importantly, Willis will now be in a position to help Myanmar’s insurance industry to access the very latest risk management innovations and to develop best practice.”
Willis opened its office in Yangon on 1 March after being granted permission by the Directorate of Investment and Company Administration.
