“ Any Ownership is never without Risks. We are proud to say that IKBZ willingly and responsiblytakes care of all of your risks in safeguarding your Ownership. ” The official name of our Company is designated as IKBZ Insurance Company. It is the second largest conglomerate within the Kanbawza (KBZ) Group of Companies amongst its various other financial wings. The KBZ Group of Companies retains a long history of business establishment ever since 1995.
The initiation of business started with the Mining Company in Mine-shu, Mogoke, Phakant and Khanti areas under the name of Shan Yoma, Nilar Yoma and Jain-phaw Aung Gems Companies Limited. The income legally earned from its Mining sector was later reinvested in several diversified businesses of the KBZ Group such as Banking, Insurance, Securities, Trust, Micro-finance, Cash Mobilization, Finance and Leasing in the Financial Sector.
Some part of the income was also invested in the nonfinancial sector such as Aviation, Hotel & Tourism, Agriculture, Health Care, Real Estate, Trading, Manufacturing, Infrastructure and Technology. With the rapid change in political and economic reforms, the Government of the Union of Myanmar planned to encourage the liberalization of the insurance sector in 2011 after almost half a century being closed, locked and monopolized by the state.
The eventual opening up of the Insurance sector led to the commencement of IKBZ as the first ever private insurance company to be established in Myanmar. Followed by the full allotment of paid-up capital 46 Billion Kyats (equivalent to 55 Million US Dollars), IKBZ was registered as a very first private insurance company bearing the License No (001) on 5th June, 2013 to start its underwriting operations.
The opening ceremony was held on 12th June, 2013 at the then Head Office in Bo-soon-pat Condo at the corner of Merchant Road and Bo-soon-pat Street in Yangon. The Head Office was later relocated to the present location- the Strand Square Building on 1st May, 2016.
We take immense pride that IKBZ is the leading private insurance company with the largest market shares and highest premium payments among other domestic insurers. In such a short span of time, we have made our presence amongst the masses of Myanmar by rapidly expanding our branches within the length and breadth of the country.
ASPIRATIONS FOR THEIKBZ INSURANCE CO., LTD.
“IKBZ Insurance Co.,Ltd. is dedicated to providing insurance products that provide quality process with value pricing. We wish to establish a successful partnership with our clients, our staff members, and companies in industries that respect the interests and goals of each party.”
“Providing effective services for everyone, standing as a Leading Insurance Company and contributing towards strengthening the economic growth of the country”
Our fundamental commitments to deliver sustainable excellence in our business performance lie in:
• Providing quality services that satisfy the needs of our
• Constantly striving for operational distinction in claim-handling
• Administering accurate policies and endorsements on time
• Maintaining the integrity of our corporate reputation through honesty
IKBZ conducts its business through sixteen operating divisions: Yangon, Mandalay, Taungyi, Mawlamyine, Moywa, Magwe, Pathein, Lashio, Nay Pyi Taw, Myeik, Myint Kyi Nar, Bago, Meikhtilar, Pyay, Pakokku and Sittwe . Each division is managed by talented underwriters and staffed by skilled pricing professionals, claims professionals, auditors, and energetic sales staff, all with local expertise and the technical resources to assess and underwrite risk. We offer products with the capacity to listen, understand the need and design the appropriate solution for our business partners. Our diverse platform and strong capitalization provide a stable market to our business partners across all lines of business.
“Our clients and partners benefit from extensive knowledge and experience that enables us to develop creative, tailored solutions to meet their needs.”
altogether twelve service products in the insurance market. Generally, it falls into two categories:
(A) Life Assurance
• Public life
• Group life
• Sportsman life
• Snake-bite life
(B) Non-Life Insurance
• Fire & Allied Perils
• Comprehensive Motor
• Special Travel