Interview with Nguyen Hong Son
Country President of Chubb Life Insurance Myanmar
Please introduce yourself to our readers.
My name is Nguyen Hong Son, the Country President for Chubb Life Insurance Myanmar Limited. Prior to this role, I worked for 14 years in Chubb Life Vietnam where I was among the first group of employees to have joined and built one of the most successful operation in Chubb Life. Chubb Life Vietnam is now one of Vietnam’s leading insurance companies.
What inspired Chubb to start operations in Myanmar?
Over the recent years, we have observed the growth potential of Myanmar’s insurance market as the economy opens up. In terms of life insurance, however, the penetration is incredibly low in the country. Therefore, we see a need to build a life insurance market, by educating people about the value of life insurance and savings products. Our objective is to become a long-term player in Myanmar’s life insurance market. Tapping into this market creates potential for more businesses, particularly as we see the younger generation in Myanmar becoming more aware of the need to save and provide financial protection for their families. We have a young population with a higher disposable income who are willing to invest in medical care cover. As they appreciate the importance of savings, they may want a different type of solution, which Chubb Life can offer.
Building an insurance market takes time and investment. We are in it for the duration. We have first-hand experience of developing a successful business and in neighbouring countries like Vietnam and Thailand, that have seen a strong growth in their insurance markets. I believe Myanmar can also achieve similar if not greater success. With the appropriate changes in regulations, education programmes and adoption of technology, the growth of the insurance market in Myanmar can be accelerated.