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better website for yasuda (r)



When you lodge a protest with Yasuda, let the company know that, by doing
business in Burma, it will no longer be allowed to do business with
Massachusetts, New York City, San Francisco and other localities that have
enacted Burma selective purchasing laws.

Simon Billenness

On 18 Jun 1997 brelief@xxxxxxx wrote:

> From: Ken and Visakha Kawasaki <brelief@xxxxxxx>
> 
> Here's what people can do if they want to lodge a protest with Yasuda Fire &
> Marine Insurance Co., Ltd.:
> 
> 1.  Go to this site: <http://www.yasuda.co.jp>
> 2.  Press the "English" button
> 3.  Scroll down to the "Mail" icon (a little blue envelope)
> 4.  Fill in the blanks and send
> 
>  - - - - - - - - -- 
> 
> 
> 17th June 1997      Asia Times
> 
> Myanmar opens insurance door with joint venture
> 
> Stephen Brookes, Yangon, 17th June 1997
> 
> <Picture>Japan's Yasuda Fire and Marine Insurance agreed last week to 
> set up a joint-venture company with Myanma Insurance in a move that may 
> signal an opening up of Myanmar's state-held insurance sector. 
> 
> The new company - the first insurance joint venture in Myanmar - is 
> likely to be set up within six months, officials at Myanma Insurance 
> said. No name or financing details for the company have been settled, 
> they said. 
> 
> At a June 12 ceremony marking the agreement, Minister for Finance and 
> Revenue Brigadier-General Win Tin said: "As the economy expands and 
> becomes more complex, more insurance activities" were needed. "Now is 
> the proper time for Myanma Insurance to have a business partner, since 
> the advent of the market economic system has caused government 
> organizations to undergo drastic changes to be aligned with market 
> mechanisms." 
> 
> Insurance has been a monopoly of the state in Myanmar for more than 
> three decades. Under the Investment Law of 1988, foreign investors are 
> required to take machinery, fire, marine and personal accident insurance 
> with Myanma Insurance, and the company's turnover is more than US$100 
> million annually. 
> 
> The Myanmar Insurance Law of 1993 paved the way for privatization of the 
> insurance industry, and in June 1996 new regulations opening up part of 
> the insurance market were announced. 
> 
> Actual privatization of the insurance industry has been stalled, 
> however, and foreign insurers are only allowed to set up representative 
> offices. 
> 
> "Private insurance companies are not allowed to set up yet," said Deputy 
> Managing Director of Myanma Insurance, Maung Thein. 
> 
> "New regulations are expected soon. But we expect that the joint venture 
> will settle the problem of getting reinsurance," he added. "Life will be 
> much easier." 
> 
> Reinsurance enables insurers - in this case Myanma - who have sold 
> policies covering any number of risks, to effectively insure themselves 
> against possible payouts on those risks. In doing so they spread the 
> risk they are covering, and therefore increase the amount of coverage 
> they can offer. Domestic reinsurance is not available in Myanmar and 
> therefore companies need to approach established reinsurance markets in 
> Japan, the United States or Europe - hence this latest tie-up. 
> 
> Without reinsurance, a domestic industry is effectively suffocated by 
> its own limitations. 
> 
> Local insurance companies now act as insurance buyers for foreign 
> investors, arranging full coverage through a foreign reinsurer while 
> paying fronting fees to Myanma Insurance. 
> 
> Yasuda's representative office in Yangon refused comment on the new 
> venture, but in a written statement Yasuda said that it had "high 
> expectations of what this pioneer company can do to assist the 
> development of the Myanmar insurance industry. 
> 
> "The establishment of a joint-venture insurance company in Myanmar will 
> allow Yasuda to strengthen its worldwide network and improve its client 
> services such as the provision of insurance cover, and claims handling," 
> the company added. "This, in turn, will support the growing Japanese 
> trend toward investment in Asia." 
> 
> A number of Japanese companies including Mitsui and Sumitomo had 
> expressed interest in forming a joint venture with Myanma Insurance, 
> said Maung Thein. Yasuda was picked, he said, because it was the second 
> largest insurance company in Japan, and the first to have a 
> representative stationed in Yangon. 
> 
> In remarks at the signing ceremony, Win Tin noted Yasuda had "exhibited 
> its goodwill and enthusiasm towards our country in the most perceptible 
> manner".
> 
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> 
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