Chubb Broadens Asia-Pacific Network

Editorial Staff

10 April 2019

, the US-listed insurance firm that works in sectors including serving private clients, has secured a licence to set up a 100 per cent-owned life insurance subsidiary in Myanmar. Chubb is one of five firms that have won such a licence after a competitive review process.

The move adds to Chubb's Asia-Pacific footprint, covering 13 markets. In China, Chubb recently announced an increase to its stake to make Chubb the largest single shareholder in Huatai Group, converting the financial services holding company to a foreign-invested joint venture under Chinese law.

"Myanmar is a nation of more than 54 million people with tremendous potential. Chubb is pleased that the Myanmar government has recognised the capabilities and experience that our company can bring to the market and has selected us to help build and strengthen their life insurance sector, which is integral to the economic and social fabric of the country," Evan G Greenberg, chairman and chief executive, said.

Singapore-based DBS Bank last year agreed a 15-year regional general insurance distribution partnership with Chubb. The partnership covers Singapore, Hong Kong, China and Taiwan.