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By Feng Yingqiu


YANGON, May 1 (Xinhua) -- Myanmar finance authorities have submitted a proposal to the government on seeking permission to grant operation of all types of insurance services to the private sector.


Running of all 40 types of insurance plus additional farmers insurance and overseas employment life insurance are expected to be granted by the government soon, said U Kyaw Win, minister for planning and finance.


Out of 40 types of insurance, the government's Myanmar Insurance (MI) has so far allowed licenses for only 12 types of them with private companies. Of them Patrik Schick AS Roma Jersey , traveling insurance, total vehicle insurance, fire insurance and life insurance are the best sellers.


MI has granted licenses to 11 private insurance companies since May 2013. Starting from 2015, MI has planned to open up more insurance categories to private companies.


These categories include products like mercantile marine insurance, credit guarantee and health insurance Aleksandar Kolarov AS Roma Jersey , but it still limits life and general insurance.


The Insurance Business Supervisory Board, chaired by Deputy Finance Minister Maung Maung Thein, said at present Myanmar has 11 private insurance companies with its premium income reaching more than 72 billion Kyats (65.45 million U.S. dollars) annually.


The country has insurance penetration of 0.1 percent of GDP, an increase of about 4.5 times compared with one decade ago. However total premium income is small relative to the country's economy.


Following credit guarantee insurance that MI launched in July 2014, health insurance was the second new product before the launch of we. Cheap Jerseys From China Cheap Jerseys Online Cheap Jerseys Online Cheap Jerseys Online Cheap Jerseys China Wholesale Cheap Jerseys Wholesale China Cheap Soccer Jerseys China Cheap NHL Replica Jerseys Cheap Authentic NFL Jerseys Cheap MLB Jerseys Online