Ministry of Planning and Finance (MOPF) has permitted Myanmar private insurers to form JV agreements with foreign investors and IKBZ insurance entered into a JV with MSI.
KBZ MS is a joint venture between former IKBZ Insurance and Japanese insurance company, Mitsui Sumitomo Insurance Co., Ltd. (MSI), with MSI taking 10% share in KBZ MS. KBZ MS is combination of the old IKBZ name with our new partner MSI.
IKBZ Insurance previously took care of both General and Life Insurance businesses. Due to the government requirements, IKBZ Insurance has now split its entities into KBZ MS General Insurance and KBZ Life Insurance www.kbzlife.com
KBZ MS is replaces IKBZ Insurance. It is the same company under a different name. KBZ MS is still part of KBZ Group.
KBZ MS offer a full range of general insurance products including Fire & Peril, Comprehensive motor, Cargo, Cash-in Safe, Cash- in Transit, Fidelity, Personal Accident, Health, Travel and Marine Hull https://kbzms.com/our-products The JV with international insurance powerhouse MSI, will give us access to technology expertise and best practices from around the world. We look forward in providing our customers with the best services and products.
There are no changes to your policy benefits or conditions. The only change is that the insurer changes from IKBZ Insurance to KBZ MS General Insurance.
Your current general insurance policies will remain at KBZ MS General Insurance.
There are no changes to the bank account number for premium payments for all GENERAL insurances.
You can contact your agent or our hotline number 09 9500 77000, 01 230 7000 for more details.
Upon receipt of first payment and as long as you continue to adhere to your payment conditions, KBZ MS General Insurance will respect its contractual obligations of all existing policies.
Your benefits will remain unchanged.
There will be no change in current interest rate, benefits and compensation etc. for policy loan taken out from your current insurance policy. However, if interest payment is overdue, we will start using a system of collecting interest plus principal loan.
If you would like to endorse your policies, you can contact current hotline number 09 9500 77000, 01 2307000.
You can still claim maturity benefits for maturity of your policies.