Compensation remains uncertain three months after Chubb Insurance's market exit
81
Htet Nadi/Pearl (NP News) - March 25
Chubb Insurance has been out of Myanmar for more than three months, but it is still unclear exactly how it will provide compensation to policyholders, sources close to the Chubb Life Insurance company agents told The Statesman.
On December 17, 2025, Chubb Life Insurance Myanmar Limited submitted a letter to the Insurance Regulatory Commission requesting the return of its insurance license and the closure of its representative office, Chubb INA International Holdings Limited, due to the challenges it faced in its operations and the economic environment.
The company has suspended and canceled all insurance policies sold since December 15, 2025.
The company announced on social media that it would cancel the insurance policy and refund 100 percent of the premiums paid by policyholders of insurance policies sold by the company and valid until December 15, 2025, or if there is any compensation, 100 percent of the premiums would be refunded according to the policy terms and conditions, depending on the type of insurance. However, it has been more than three months and no refund has been received and it is not clear exactly how the compensation will be provided, which is causing dissatisfaction among those who have paid the insurance premiums.
“Neither the sales agents nor the employees know what kind of agreement FRD (Financial Regulatory Department) and CHUBB have, how they came in or how they were allowed to leave. We only know when FRD issues a letter of its pullout. It has been three months now, and the customer has been complaining about it for three months. We signed and sent letter to FRD two times. The first time, someone called me and shared the information. However, since the letter was not officially issued, we cannot announce it to the customer. At this point, there is no document to explain to the customer. Some may think that it is a form of collusion,” said the insurance sales representative.
There were several thousand Chubb insurance agents in Myanmar, of which about 300 were active, with each agent having more than 20 insurance premiums, totaling at least 250 million kyats.
The above-mentioned source said that the insurance means all about selling with confidence, and the withdrawal of a foreign investment company like this has repercussions for the insurance industry. –