Myanamr’s fledgling insurance market has grown about 40 percent since it was opened up two years ago. In 2013, state-owned Myanmar Insurance relinquished its monopoly to allow a private market to emerge, with the participation of foreign companies, 21 of which have since opened representative offices here. “Foreign companies have been opening one new representative office a month. That shows they trust the Myanmar insurance market,” said deputy finance minister U Maung Maung

Motor insurance in Myanmar is relatively straight forward. Insurance covers the vehicle rather than the driver, so there isn't a need to extensively access the profile of driver. The insurance premium is based on the value of the car, in other words Sum Insured, which is the market value of the car. The higher the value, the higher the premium which is usually 2% of sum insured (2% x value of the car) annually. If you have car that has a market value of US$10,000 (c. 120 lakh