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EXECUTIVE SUMMARY
This report reveals for the first time how insurers around the world have underwritten the Burmese regime by insuring the multinational companies that are its financial lifeline.
Foreign businesses operating in Burma give the regime millions of dollars everyday. Without this money Burma’s brutal regime wouldn’t be able to finance the military machine that keeps it in power. This money doesn’t help the ordinary people of Burma; it props up a regime that rules through fear and spends nearly half of the country’s annual budget on the military even though the country has no external enemies. Burma’s military isn’t used to help cyclone victims or defend the country. It’s used to entrench military rule; persecuting, torturing and repressing ordinary civilians. In September 2007 the world caught a rare glimpse of the regime’s brutality as soldiers shot and killed peaceful protestors who dared to call for change.
It exposes how foreign insurers directly and indirectly fund the Burmese regime by underwriting regime owned Myanma Insurance. Myanma Insurance has one of the best protected monopolies in the world, it is an imprisonable offence in Burma to buy insurance from any other company. This setup allows the regime to extract millions of dollars from the multinational companies that operate in Burma in addition to any contractual arrangements that may exist.
This report is the result of a global research project by the Burma Campaign UK during which over 500 insurance companies and professionals were contacted worldwide. Our research has uncovered that companies in London, Antwerp, Singapore, Thailand, Germany, Bermuda, Japan and Malaysia provide insurance services to companies in Burma. 14 companies are named as having provided insurance services and the significant role of Lloyd’s of London is revealed. 203 companies are on the “Shamed list” of companies who failed to clarify if they provide insurance services to businesses in Burma and 218 companies join the “Clean list” of companies who have stated they do not provide insurance services to companies in Burma.
High profile campaigns by the Burma Campaign UK have changed the policies of some of the world’s insurance giants. By July 2007 13 of the top 30 insurance companies in the world have stated that they do not provide insurance services to companies operating in Burma. This includes AIG, ALLIANZ, AON, AVIVA, AXA, ING, Munich Re, SCOR, Swiss Re, and Willis. Whilst 11 of the top 30 are prevented from doing so by US sanctions.
Foreign trade and investment doesn’t contribute to the social and economic welfare of the people of Burma. Instead profits from such trade and investment have helped the regime to dramatically expand Burma's armed forces and enriched a narrow elite closely connected to senior military personnel. Nearly half the government budget is spent on the military while only 1.4% of GDP is spent on health and education, less than half that spent by the next poorest country in Asia. Burma's people meanwhile have grown ever poorer. Having witnessed this, Burma’s democracy movement, led by Aung San Suu Kyi, asked foreign companies to stay away. Our campaign against insurance companies is part of a carefully targeted policy designed by Burma’s democracy movement to put economic pressure on the regime and force them into genuine negotiations with the Burmese democracy movement.
We are encouraged that over two hundred insurance companies have stated they do not provide (re)insurance services to companies operating in Burma. They have set an example to the rest of the industry. We urge all companies that haven’t done so already to immediately stop providing insurance services to companies in Burma.
Recommendations:
- The European Union should impose targeted financial sanctions, including a ban on the provision of insurance services from member countries.
- Governments should impose sanctions banning the provision of insurance services to companies operating in Burma from companies based in their territories.
- All insurance, reinsurance and insurance brokerage companies should immediately stop providing insurance services to companies in Burma.
- Insurance associations worldwide should make their members aware of the human rights concerns and reputational risk associated with providing insurance services to companies operating in Burma.
- Investors and shareholders should examine the human rights abuses committed by the Burmese regime and urge their company to implement a ban on the provision of insurance services to companies operating in Burma.
BURMA: A LAND OF FEAR
Burma is ruled by an illegitimate military dictatorship - one of the most tyrannical the modern era has seen. A regime that refuses any democratisation of the political system, that systematically violates the most fundamental human rights, and that oppresses and exploits its population. It is a regime engaged in the perpetuation of relentless misery.
Burma has been ruled by dictatorship since 1962. The regime that rules Burma today, the State Peace and Development Council (SPDC) came to power in 1988 following the brutal repression of a popular uprising. In response to hundreds of thousands of people taking to the streets calling for democracy, the military opened fire, killing thousands. While the exact number will never be known, it is estimated that as many as 5,000 people were killed. Following international pressure the regime held an election in 1990; Aung San Suu Kyi’s National League for Democracy won an overwhelming 82% of the seats. However, the regime never honoured the result, disregarding the vote and strengthened its grip on power.
Today, two decades later, the people of Burma still strive for democracy. In September 2007 monks led a peaceful popular uprising across the country; thousands of civilians took to the streets calling for change. The regime responded with bullets, killing dozens, possibly hundreds and arresting thousands. In May 2008 the brutality of the regime was demonstrated once more as they blocked international aid from reaching the 2.4 million survivors of Cyclone Nargis.
Today Burma is ruled by a regime that:
- Rules through fear. The regime uses rape as a weapon of war against ethnic women and children.
- Prioritises guns over human development. Burma is the only country in Asia whose defence budget is greater than that of health and education combined.
- Has no respect for Human Rights. Severe human rights abuses are routinely committed by the Burmese regime, including murder, torture, rape, detention without trial and massive forced relocations.
- Arrests and tortures its critics. Today there are nearly 2,000 political prisoners in Burma. Many are routinely tortured. Burma’s democracy leader, Nobel Laureate Aung San Suu Kyi has been under arrest for over 12 years.
- Systematically uses forced labour. Men, women and children are routinely forced to work for the army and in construction projects – often imposed with the threat of physical abuse, beatings, torture, rape and murder.
- Uses more child soldiers than any other country in the world. There are at least 70,000 child soldiers today in Burma.
- Terrorises its own people. The regime’s campaign of terror against any opposition and minority groups has created an estimated one and a half million internally displaced people.
- Pursues policies of Ethnic Cleansing. Over the past twelve years, 3,000 villages have been destroyed in Eastern Burma by the ruling military regime.
The economy: Rice bowl to basket case
When Burma gained independence in 1948 Burma was regarded as one of Asia’s best hopes. The resource rich, fertile country had huge potential. However, after decades of misrule, corruption and brutal dictatorship, living in Burma today means enduring malnutrition, poverty, a failed education system and a decrepit health service.
Investment: Entrenching dictatorship – Funding Repression
Following the 1990 election the regime was vulnerable and the economy was in ruins. To cling on to power the regime needed to strengthen the army but couldn’t afford to. So they accelerated plans to open up the economy to foreign trade and investment. In many countries trade and investment can help ordinary people, but in Burma the opposite is true. The regime used revenue from investment to double the size of the army and increase its attacks on its own population. At the same time as new revenue came in, spending on the population, in areas such as health and education, was reduced.
It was only after witnessing how the profits of foreign trade and investment were entrenching military rule and not helping the people that the democracy movement called for targeted economic sanctions. In defiance of the democracy movement hundreds of foreign companies continue to operate in Burma. They are not doing so because of an altruistic wish to help the people of Burma. Companies are there to make a profit, and are attracted by a compliant, cheap workforce where unions are banned, and limited health and safety laws which in any case are rarely enforced.
THE GLOBAL INSURANCE INDUSTRY
The global insurance industry is an invisible giant, without which the world’s economy would not function. Almost everything you encounter is insured, from skyscrapers to family homes, from aircraft to ocean liners. This section explains the structure of the global insurance industry.
What is Insurance?
Most people own insurance of some sort; homes, mobile phones and cars can be insured. No matter what is insured, the basic concept remains the same; the customer pays a premium (fee) to an insurance company that agrees to pay the value of the insured item if it is damaged in some way. When buying insurance the customer pays an insurance company to compensate them if a risk occurs. If, for example, they are concerned that their home will be flooded they could buy flood insurance. If the risk occurs, and their home is flooded, the insurance company will compensate them for the damage caused by the flood. This is an oversimplification as there are many different types of insurance and different levels of insurance cover. However the concept remains the same.
Businesses extensively insure their overseas operations, insuring for example their staff, machinery and premises.
The global insurance industry
Insurance is vital to today’s global economy. To cope with a complex, increasingly interlinked international economy the global insurance industry has evolved. Today the industry revolves around four key areas:
- Insurance companies provide insurance to companies and consumers directly; this can range from insuring your dog to insuring a factory.
- Reinsurance companies provide insurance for insurance companies. By buying reinsurance, insurance companies spread their risk. They help to make sure that when a major catastrophe happens, like a large flood or hurricane, the insurance company can afford to pay out claims. They also allow small insurance companies to offer many different types of insurance, as they can pass on some of the risk by buying reinsurance. International reinsurance companies sell reinsurance to Myanma Insurance.
- Insurance Brokers are the middlemen of the industry. They make the market work smoothly by providing a go-between for companies, insurers and reinsurers.
- Lloyd’s of London, located at the heart of the City of London, describes itself as, “the world’s leading, specialist insurance market.” Lloyd’s provides a marketplace where different companies (known as syndicates) can conduct complex insurance deals. Lloyd’s provides insurance for some of the world’s most complex risks. Members of the Lloyd's market have sold insurance to companies in Burma.
Many companies operate in more than one of these markets, having for example insurance, reinsurance and Lloyd’s subsidiaries.
WHY CAMPAIGN ON INSURANCE?
Following requests from the Burmese democracy movement, the Burma Campaign UK formed a panel of insurance experts to assist us in exposing how the global insurance industry helps the companies that prop up the Burmese regime.
The Burmese regime encourages foreign investment to generate much-needed foreign exchange. This foreign exchange finances the regime, allowing it to buy the guns, bullets and tanks that keep it in power.
Insurance is vital for the companies that invest in Burma. This campaign aims to make Burma less attractive to foreign investors by making it more expensive and more difficult for them to insure their operations in Burma. This is part of a carefully targeted policy designed by Burma’s democracy movement to cut the junta’s economic lifeline, this will decrease the amount of money the regime can spend on arms and increase pressure on the regime to negotiate with Burma’s democracy movement.
This campaign will be effective in reducing the regime’s income by:
- Making it more difficult and expensive to buy insurance for the companies that choose to operate in Burma in defiance of the democracy movement.
- Undermining the confidence of investors in Burma.
- Discouraging new investment in Burma.
Our research has found thatinsurance sold by companies trading out of London, Antwerp, Singapore, Thailand, Germany, Bermuda, Japan and Malaysia facilitate the flow of billions of dollars of income to the Burmese regime every year.
Research Methodology
Before publishing this report we contacted over 500 insurance, reinsurance and brokerage companies asking them to clarify their position on insuring risk in Burma. The findings of our research, including company names, are documented in the Appendices. Below are a few selected companies:
Dirty - As detailed in Appendix One exposes the companies, or their subsidiaries or members, who have sold insurance to companies operating in Burma. This includes:
- Lloyd’s of London describes itself as “the world’s leading, specialist insurance market.” It admits that its members have sold insurance to companies in Burma, including a regime owned airline.
- Tokio Marine and Nichido Fire Insurance Co. Limited is Japan’s largest and longest established non-life insurance company. The company’s recently acquired Lloyd’s subsidiary, Kiln, has provided insurance to a regime owned airline. Tokio Marine maintains a representative office in Burma.
Clean - As detailed in Appendix Two our campaign has already achieved significant success. After being contacted by the Burma Campaign UK some of the biggest insurance companies in the world have created polices of no longer providing insurance services to companies located in Burma. This includes:
- The world’s largest reinsurer by revenue, Munich Re.
- The world’s second largest reinsurer by revenue, Swiss Re.
- The world’s largest insurance broker, Aon.
- The world’s third largest insurance Broker by revenue, Willis.
Shamed - As detailed in Appendix Three Shamed companies have either have failed to reply to our correspondence requesting clarification of their policy regarding Burma or have not been able to state that they do not provide insurance to foreign companies operating in Burma. This includes:
- HSBC markets itself as “The World’s Local Bank”. Unlike other global banks, including Barclays and the Royal Bank of Scotland, it couldn’t state that it did not sell insurance to any company operating in Burma.
- Jardine Lloyd Thompson is the world’s seventh largest insurance broker. The company has failed to respond to our requests to clarify if it sells insurance to companies operating in Burma.
THE BURMESE INSURANCE MARKET
The creation of Myanma Insurance
Burmese Law reserves the banking and insurance market for the government. Any foreign company wishing to sell insurance directly in Burma must obtain permission from the regime. Breach of this law is punishable by imprisonment of up to 5 years, a fine or both.
Insurance in Burma is regulated by the Myanmar Insurance Law (1993) and the Insurance Business law (1996). The 1993 law states that all insurance within Burma must be insured with a Burma licensed company, of which Myanma Insurance is currently the only one. The company was created in 1952 as a life insurer. Today it offers many other types of insurance including: - Marine insurance
- Aviation insurance
- Engineering insurance
- Fire insurance
- Third Party Liability insurance
- Oil and gas insurance
- Reinsurance
- Marine Cargo insurance
- Cash-in-transit insurance
- Cash-in-safe insurance.
If Myanma Insurance does not provide the type of insurance required by foreign businesses operating in Burma, the regime permits the business to arrange insurance on the international market but it must be “Fronted” by Myanma Insurance, as detailed overleaf. This generates significant profit for the regime.
Myanma Insurance – financing the junta
The regime is the sole shareholder of Myanma Insurance. Colonel Thein Lwin is the Managing Director of the company whilst Mg Maung Thein is the General Manager. They are also respectively the Chairman and Secretary of the company’s Supervisory Board. The Supervisory Board reports to the Ministry of Finance and Revenue and is responsible for a range of activities, including screening and approving new business and granting permission for companies operating in Burma to purchase insurance overseas if Myanma Insurance cannot arrange the appropriate levels of cover. Myanma Insurance’s monopoly is rotected by law. The company’s website states “SinceMyanma Insurance is a state-owned insurer, the laws require that all the foreign investors must buy insurances only from it”. Goods destined for other countries which are shipped through Burma’s ports are forced to buy insurance from Myanma Insurance . Foreign vehicles entering Burma can be forced to buy insurance from the company at border crossings.
The role of foreign insurers The 1993 law does technically permit foreign insurers to operate in Burma, after the law was enacted 31 companies applied for a license. However, the regime continues to protect Myanma Insurance’s monopoly and to date has not granted any licenses. The 1993 law did not extend to the reinsurance market, which is protected by law as a monopoly of Myanma Insurance.
Myanma Insurance’s website states that the Burmese regime “assures all the liabilities of it under the Myanma Insurance Law”. However, the company is not big enough to underwrite all insurance in Burma so the company is permitted to purchase reinsurance from foreign companies. It is known that at least two oreign insurers maintain offices in Burma, Sompo Insurance and Mitsui Sumitomo. The activities of these offices are unknown and Burmese law prevents them from selling insurance directly to companies in Burma; however, they are legally permitted to liaise with Myanma Insurance when global clients seek insurance for their operations in Burma.
Fronting
If Myanma Insurance is unable to meet a company’s needs, for example if the need is too specialised (such as pipeline insurance), exceptions can be made with the permission of the regime via the Ministry of Finance and Revenue. In these cases insurance will be arranged on foreign markets and Myanma Insurance will “front” it. Fronting is a procedure in which a primary insurer (such as Myanma Insurance) acts as the insurer by issuing a policy, but then passes the entire risk to a reinsurer (on the international market) in exchange for a commission. The reinsurer does not need to have a licence to sell insurance directly in that country.
Fronting can generate significant revenue for the Burmese regime as the face no risk and can charge a considerable commission since they protect the monopoly of Myanma Insurance by law. These arrangements are extremely lucrative as Myanma Insurance is believed to charge commissions of up to 15% for effectively only “rubber-stamping” these deals. Industry sources believe fronting alone generates the regime, tens of millions of dollars in commission annually.
What’s it worth?
Myanma Insurance sources state that in 2004 the company received US$5.1 million in premiums, excluding commission payments from any fronting arrangements. In the same year they paid out US$1.54 million in claims. After claims are paid US$3.56 million remains, this shows that even accounting for costs and reserve contributions Myanma Insurance generates the regime millions of dollars every year even before commission payments.
INTERNATIONAL LAW, INSURANCE AND BURMA
The insurance industry is subject to laws and regulations from both the country where their business is based and the country where they sell insurance. Therefore governments of countries where insurance companies are based can legislate against the provision of insurance services to companies operating in Burma. This section summarises the policies of the US and Canadian governments as well as the policy of the European Union regarding the provision of insurance services to Burma by their citizens and companies based in their countries.
The United States of America
The US government has passed sanctions against US companies offering insurance to Burma. These sanctions apply to:
“All U.S. persons and entities (companies, non-profit groups, government agencies, etc.) wherever located.”
The sanctions state:
“Generally speaking, the exportation of financial services to Burma is prohibited. The term exportation or re-exportation of financial services to Burma is defined broadly to mean … the provision, directly or indirectly, to persons in Burma of insurance services, investment or brokerage services”
Canada
On December 13th 2007 the Canadian government enacted the “Special Economic Measures (Burma) regulations” in response to the “abhorrent human rights and humanitarian situation in Burma”.
These regulations are subject to certain exceptions but they include a:
“Prohibition on the provision of Canadian financial services to and from Burma”
The European Union
Unlike the United States and Canada the European Union does not have financial sanctions against the Burmese regime. EU Sanctions currently include:
- A ban on imports of, and investment in timber, gems and metals.
- A limited investment ban.
- A visa ban for senior regime officials and their families.
- A freeze of assets held in Europe by people on the visa ban list.
- An arms embargo.
Targeted EU financial sanctions, including a ban on the provision of insurance services to companies in Burma, would be highly effective. It would be an efficient way to target the regime’s financial lifeline, and potentially deprive it of millions of dollars annually as multinational companies operating in Burma would be forced to close their operations until alternative insurance could be arranged.
EU sanctions would be particularly effective as they would deprive the regime, and those companies that operate in Burma, access to some of the world’s biggest insurance markets.
REPORT CONCLUSIONS AND RECOMMENDATIONS
Before insurance companies decide whether to provide insurance to businesses operating in Burma they take into account a number of different factors. For too long some of the world’s biggest insurance companies have ignored the fact that by selling insurance to companies in Burma they are facilitating, and profiting from, the repression of the people of Burma. After pressure from the Burma Campaign UK many of the world’s biggest insurers have reversed their policies and banned the sale of insurance services to companies operating in Burma. We welcome this decision and urge all other insurance, reinsurance and insurance brokerage companies to follow their example immediately.
Any company that continues to provide (re)insurance services to companies in Burma is putting profits before principal and condemning the Burma’s 50 million to a life of fear. These companies are ignoring their responsibility to the people of Burma and are guilty of supporting one of the world’s most brutal regimes.
It is time for the global insurance industry to stand with the people of Burma, to respect Burma’s democracy movement and cut the regime’s financial lifeline.
Recommendations:
Recommendation to Governments:
- We call on all Governments to ban the provision of insurance services to businesses in Burma from their country and their citizens, wherever located.
Recommendation to the European Union:
- We call on The European Union to impose targeted financial sanctions including a ban on the provision of insurance services to companies in Burma.
Recommendations to insurance companies in the ‘Dirty” and “Shamed” lists of this report:
- Dirty companies should immediately cease providing (re)insurance services to companies in Burma.
- Shamed companies should immediately cease providing (re)insurance services to companies in Burma if they currently are. If they are not providing insurance services to companies in Burma they should inform the Burma Campaign UK immediately.
Recommendation to Investors and Shareholders of Dirty or Shamed companies:
- Shareholders should be aware of the reputational damage to their company if it continues to be associated with the Burmese regime. Shareholders should therefore engage publicly and privately with their companies and if their company refuses to change its policies they should disinvest.
Recommendation to insurance associations worldwide:
- We call on insurance associations around the world, including the Association of British Insurers and the British Insurance Brokers Association to make their members aware of the human rights concerns and reputational risk associated with providing insurance services to companies operating in Burma.
Recommendations to individuals:
- Contact your Government and ask them to ban the provision of insurance to businesses operating in Burma.
- Contact the companies on the Dirty List and ask them to stop providing insurance services to companies operating in Burma.
Appendix One – The Insurance Dirty List
This list exposes the companies, or their subsidiaries or members, who have sold insurance to companies operating in Burma.
- Lloyd’s of London. Lloyd’s, located at the heart of the City of London, describes itself as, “the world’s leading, specialist insurance market.” According to the Burmese Ministry of Finance and Revenue, Lloyd’s provides reinsurance to Myanma Insurance. Lloyd’s syndicates (Lloyd’s terminology for their member companies that sell insurance) have also sold insurance to a regime owned airline. Lloyd’s admitted in April 2008 that some shipping and aviation reinsurance for companies in Burma goes through Lloyd’s. As a consequence of the actions of their syndicates Lloyd’s were placed on our “2005 Dirty List”. Later that year Lloyd’s stated that they were not able to compel their members to end their involvement in Burma and claimed that it would be “against competition law for members to collectively decide not to operate in Burma”.
Pending investigations of these claims Lloyd’s were removed from the Dirty List. Our investigations failed to identify any UK law or act to substantiate Lloyd’s’ claims. Lloyd’s conceded in July 2008 that “Competition Law is not relevant in this case”. When asked to make a statement to their syndicates alerting them to the human rights concerns associated with selling insurance to companies in Burma Lloyd’s refused, instead issuing the following statement on July 23rd 2008: “Unless there are official UN sanctions in place, Lloyd's does not instruct the market where it can and cannot write business. Competition Law is not relevant in this case. However, we do not make public comments on the politics or economic policies of national or international bodies.” You can contact Lloyd's here.
- Hannover Re describes itself as “one of the leading reinsurance groups in the world.” Its website states that it is represented in the Burmese market by its Malaysian subsidiary.
- Catlin* describes itself as “an international specialist property and casualty insurer and reinsurer, writing more than 30 classes of business”. It has four “underwriting platforms”: the Catlin Syndicate at Lloyd's, Catlin Bermuda, Catlin UK and Catlin US. The company has provided insurance services to a regime owned airline.*
- Atrium Underwriting* manages two Lloyd’s Syndicates. Atrium has provided insurance services to a regime owned airline. It is owned by the Bermudan company Ariel Re.
- Tokio Marine and Nichido Fire Insurance Co. Limited describes itself as Japan’s largest and longest established non-life insurance company. The company’s recently acquired Lloyd’s subsidiary, Kiln*, has provided insurance to a regime owned airline. Tokio Marine company also maintains a representative office in Burma.
- Sompo Japan – Sompo Japan is one of the three largest non-life Japanese insurers. The company admits to operating a “Liason office” in Burma to “provide insurance information to customers”. Sompo Japan has offices across the world, including in the UK. Evidence indicates the company has applied to form a joint venture with regime owned Myanma Insurance.
- Mitsui Sumitomo Insurance is one of Japan’s largest non-life insurers. Included in its large overseas network is a representative office in Rangoon. Evidence indicates the company has applied to form a joint venture with regime owned Myanma Insurance.
- QBE describes itself as “Australia’s largest international general insurance and reinsurance group, and one of the top 25 insurers and reinsurers worldwide”. Company websites state it has two correspondent offices in Burma.
- ACE is a global insurance and reinsurance company based in Bermuda. Its subsidiary, Ace Marine, offers insurance for Burma through its London office.
- Labuan Re headquartered in Malaysia describes itself as “an international reinsurer”. The company lists Burma as one of its “overseas markets”.
- OCBCBank is Singapore’s longest established bank, and is today one of Asia’s leading financial services groups. Its subsidiary, Great Eastern Holdings, describes itself as the “leading insurer in Singapore”, it has stated it provides insurance services to Singapore owned companies in Burma.
- Pana Harrison is a Singaporean based insurance broker. It lists Burma as part of its network. Our sources indicate the company is active in the aviation sector, providing insurance services for regime owned airlines.
- Target Insurance Broker is a Singaporean broker which works in the Lloyd’s, Australian and European markets. It also provides insurance brokerage services for companies in Burma.
- Al Wasl is a Dubai based (re)insurance reinsurance broker. The company’s website states that its Bangladesh offices is responsible for marketing the companies operations in Burma.
* Catlin, Atrium and Kiln's involvement was revealed due to an investigation by Alexander Ferguson at Reinsurance Magazine.
Appendix Two - “Clean”
The “Clean List” contains companies that have told us that they do not provide insurance services to companies operating in Burma.
Extracts from some of the statements provided are listed below:
- Munich Re, the world’s Largest Reinsurer by revenue:
"As a consequence of our commitment to the UN Global Compact principles, we reviewed our activity in Burma, and decided not to renew business originating from Burma and to cease providing reinsurance/insurance services to companies in Burma."
- ING, the world’s largest insurance company by revenue:
ING supports the aims of the United Nations Universal Declaration of Human Rights and endeavors to apply its principles throughout its operations world-wide…ING has no office or representatives in Burma, ING does not finance companies for their activities or projects in Burma, ING refrains from entering into client engagements/ transactions involving Burma”.
- Swiss Re, the world’s second largest reinsurer by revenue:
“Swiss Re decided last year to formally exclude business in countries where human rights are particularly severe, no promise of any improvement is in sight, and business relationships most likely amount to directly or indirectly supporting the regime in place….As a result, business has been officially banned from Burma.”
- Aon, the world’s second largest insurance broker:
“All Aon companies are prohibited from: Maintaining an office or other physical presence in Burma, entering into any agreements to provide goods or services to any entity located in Burma, entering into a transaction that involves property or assets located in Burma, or entering into a transaction with the Government of Burma; any entities that are owned or controlled by the government of Burma (wherever they may be located)’ Burmese SDNs; or any persons acting on behalf of the foregoing.”
- Allianz, the world’s third biggest insurance company by revenue:
“ Allianz does not directly write any insurance in Myanmar, we don't insure customers from Burma. Allianz policies for international customers with a partial exposure to Burma have already been cancelled or it was announced that these contracts will not be renewed."
- Willis, the world’s third largest insurance Broker by revenue:
“Willis is a commercial organisation that complies with the laws that apply to it and we constantly review our presence in all markets to ensure that our activities are in line with the sanctions that may be imposed, from time to time, by the United Nations, The European Union or specific countries in which we operate. We also employ a principled, transparent approach to everything that we do. This has caused us to review our activity in Burma and as a consequence we have decided to cease our involvement there."
- AIG, the world’s fourth largest insurer by revenue:
“[Underwriters must] Ensure that no risk involving exposures in, or otherwise related to Burma (Myanmar) is insured by any AIU affiliated entity, regardless of the applicability of any relevant sanctions. The scope of this provision is intentionally defined beyond any specific requirements set forth by applicable law.
- Aviva, the world’s seventh largest insurer by revenue:
“Aviva plc, Norwich Union and all associate companies do not have operations, or provide insurance to companies in Burma…Aviva’s policy on corporate social responsibility commits us to doing business in a responsible and ethical manner…Our policy objectives are guided by the principles of the UN Universal Declaration of Human Rights and the ten principles of the United Nations Global Compact.”
- RSA (Formerly Royal and Sun Alliance)
“Our commitment to act responsibly is at the heart of the business principles by which we operate. RSA has no operations in Burma and no plans for writing any business there. We regularly review our appetite for every country in which we could potentially write business. The current social and political environment in Burma means we are not prepared to do business there.”
Revenue Figures sourced from the Insurance Information Institute (www.iii.org)
The following is the full list of companies that are clean - they have stated that they do not provide insurance services to companies operating in Burma:
American Fidelity Assurance Company
AIG
AA Underwriting Limited
Abbey Life Assurance Co Ltd
ABC Insurance
Admiral Syndicate Management Limited
Advantage Insurance Company Limited
Advent Underwriting Limited
AEGIS Managing Agency Limited
AIG UK Limited
Alliance Assurance Company Limited
ALLIANZ
Alsford Page & Gems Ltd
Anika Insurance Brokers & Consultants Pte Ltd
Ansvar Insurance Co Ltd
AON Corporation
ARB International Ltd
Arab Insurance Group (ARIG)
Ark Syndicate Management Limited
Arthur J Gallagher
Ascot Underwriting Limited
Aspen Insurance UK Limited
Aviva Ltd
Avon Insurance PLC
AXA
B&CE Insurance Limited
Baillie Gifford Life Limited
Bankers Insurance Company Limited
Barclays Insurance
Beaufort Underwriting Agency Limited
Bennett Gould & Partners Ltd
Besso Ltd
British Reserve Insurance Co Ltd
Canada Life Limited
Canopius Managing Agents Limited
Capita Syndicate Management Limited
Carraig Insurance Company Limited
Casualty & General Insurance Company (Europe) Ltd
Cavell Managing Agency Limited
Cavendish Insurance Limited
Century Insurance Company Limited
CGNU Life Assurance Limited
CGU Bonus Ltd
CGU Underwriting Limited
CIGNA Life Insurance Company of Europe S.A.-N.V.
CIS General Insurance limited
CityNet Insurance Brokers Limited
Clegg Gifford & Company Ltd
Combined Insurance Company of America
Commercial Union Assurance Company Limited
Commercial Union Life Assurance Company Limited
Converium Insurance (UK) Limited
Cornish Mutual Assurance Co Ltd
Countrywide Assured Plc
Creechurch Underwriting Limited
CX Reinsurance Company Limited
Dashwood Brewer & Phipps Ltd
DBI Insurance Company Limited
Diagonal Underwriting Agency Limited
Dowa Insurance Company (Europe) Ltd
Duncanson & Holt Syndicate Management Limited
Elite Insurance Company Limited
Endurance Worldwide Insurance Ltd
Equity Syndicate Management Limited
ETI International Travel Protection
EUI Limited
Euler Hermes Guarantee plc
Euler Hermes UK plc
Exeter Friendly Society Ltd
F&C Managed Pension Funds Limited
Faraday Reinsurance Co. Limited
Faraday Underwriting Limited
Financial & Legal Insurance Company Ltd
Financial Assurance Company Limited
Financial Insurance Company Limited
Fortis Insurance Limited
Fuji International Insurance Company Limited
Gateway Insurance Company Limited
Gen Re (UK)
General Reinsurance Life UK Limited
General Reinsurance UK Limited
Genworth Financial Mortgage Insurance Limited
Glencairn Ltd
Gresham Insurance Company Limited
Grimme Butcher Jones Ltd
Groupama Healthcare
Groupama Insurance Company Limited
Guardian Linked Life Assurance Ltd
Guardian Pensions Management Ltd
Guest Krieger Ltd
Guildhall Insurance Co Ltd
H Pitman & Co Limited
Hamilton Insurance Company Limited
Hardy (Underwriting Agencies) Limited
HCC International Insurance Company plc
HCC Underwriting Agency Ltd
Heath Lambert
Henderson Global Investors
If P&C Insurance Ltd
Investment Solutions Limited
ING
Jago Managing Agency Limited
JB Boda & Co (UK) Ltd
Jubilee Managing Agency Limited
Kerry Lonsdale Limited
Kim Insurance Brokers Pte Ltd
Kinetic Insurance Brokers Limited
Kite Warren & Wilson Ltd
Legal & General Insurance Ltd
LIBG Ltd
Lincoln Assurance Limited
Link Insurance Company Limited
Lion Insurance Company Limited
Liverpool Marine and General Insurance Co. Ltd
Liverpool Victoria Friendly Society Limited
London & Edinburgh Insurance Company Limited
London Assurance
London General Insurance Co Ltd
London Guarantee & Reinsurance Co. Ltd.
Ludgate Insurance Co. Ltd.
Managing Agency Partners Limited
Marine Insurance Co. Ltd.
Monarch Assurance P.L.C.
Markel International Insurance Company Limited.
Markel Syndicate Management Limited
Marlborough Underwriting Agency Limited
Marsh
Metlife Insurance Limited
MMA Insurance plc
Morley Pooled Pensions Ltd
Munich Re
Municipal Mutual Insurance Ltd.
N.I.B. (UK) Ltd
NFU Mutual
National Vulcan Engineering Insurance Group Ltd
Nausch
Navigators and General Insurance Co Ltd
Newline Underwriting Management Limited
Newline/Odyssey America Reinsurance Corporation
Newstate Stenhouse (S) Pte Ltd
Nissan Insurance Co of Europe Ltd
Northern Maritime Insurance Co Ltd
Norwich Union
OCW Insurance (Brokers) Pte Ltd
Odyssey America Reinsurance Corporation (Singapore Branch)
Oval International Limited
Oxygen Insurance Brokers
Palatine Insurance Company Ltd
Partnership Life Assurance Company Ltd
Pembroke Managing Agency Limited
Pennine Insurance Co Ltd
Personal Assurance plc
Pinnacle Insurance plc
PMI Mortgage Insurance Company Ltd
Primary General Insurance Limited
Primary Group Intermediary Services Ltd
Provident Insurance Plc
Prudential
Quinn-Insurance Ltd
Reassure UK Life Assurance Company Limited
Red Sands Insurance Company (Europe) Limited
Reliance Mutual Insurance Society Limited
RITC Syndicate Management Limited
RK Harrison Insurance Brokers Ltd
Robertson Taylor Insurance Brokers Ltd
Royal & SunAlliance Insurance (Global) Limited
Royal Bank of Scotland
Royal Exchange Assurance
Royal Insurance (UK) Ltd
Royal London General Insurance Company
Royal London Mutual Insurance Society Limited
Royal London Pooled Pensions Company Limited
Royal Scottish Assurance Plc
Royal Skandia Life Assurance Limited Singapore Branch
Sabre Insurance Company Limited
Sagicor at Lloyd's Limited
Save & Prosper Insurance Ltd
SBJ Global Risks Limited
SCOR
Scottish Equitable (Managed Funds) Ltd
Scottish Equitable plc
Sea Insurance Co. Ltd.
Seascope Insurance Services Ltd
Service Insurance Company Limited
SHC Capital Limited
Sun Insurance Office Limited
Smith Bilbrough & Co Ltd
Southern Rock Insurance Company Limited
SR International Business Insurance Co Ltd
St James's Place UK plc
Starr Managing Agents Limited
Sun Alliance and London Insurance PLC
Sun Alliance Insurance Limited
Sun Life Assurance Company of Canada (UK) Ltd.
Swiss Reinsurance Company
Teachers Provident Society Ltd
Thompson Heath & Bond Ltd
Tradex Insurance Company Limited
Travel & General Insurance Co. Ltd.
Trinity Lane Insurance Company Limited
Tyser & Co Ltd
UIA (Insurance) Limited
Union Marine and General Insurance Co.Ltd.
United Friendly General Insurance Limited
Unum Limited
UOB Life Assurance
W Denis Insurance Brokers Plc
Wesleyan Assurance Society
Western Provident Association Limited
Whittington Capital Management Limited
Willis
Winterthur Life UK Limited
XL
Zenith Insurance Plc
Zenith Syndicate Management Limited
Zurich Assurance Limited
Zurich GSG Limited
Zurich Insurance Company
Appendix Three -“Shamed”
Shamed companies fulfill one of the following criteria:
- They have failed to reply to our correspondence requesting clarification of their policy regarding Burma.
- They have not been able to state that they do not provide insurance to foreign companies operating in Burma.
- MMC group includes the world’s biggest insurance broker, Marsh. MMC has stated its member companies “will not do business with Burma-based companies”. However they have not excluded providing insurance services to multinational companies operating in Burma. Multinational companies generate the regime billions of dollars a year.
- HSBC markets itself as “The World’s Local Bank”. Unlike other global banks, including Barclays and the Royal Bank of Scotland, it couldn’t state that it did not sell insurance to any company operating in Burma.
- Jardine Lloyd Thompson is the world’s seventh largest insurance broker. The company has failed to reply to our requests to clarify if it sells insurance to companies operating in Burma.
- Heath Lambert describes itself as “Europe’s leading independent insurance broker and reinsurance broker”. The company has failed to reply to our correspondence requesting confirmation that the company does not provide insurance services to companies operating in Burma.
The following is a full list of companies that are “Shamed”. Shamed companies fulfill one of the following criteria:
-
They have failed to reply to our correspondence requesting clarification of their policy regarding Burma.
-
They have not been able to state that they do not provide insurance to foreign companies operating in Burma.
AAA Insurance & Reinsurance Brokers Ltd
Acclaim Insurance Brokers PTE LTD
Aldgate Insurance Company Limited
Alston Gayler & Co Ltd
Amlin Underwriting Limited
Anda Insurance Broker(s) Pte Ltd
Argenta Syndicate Management Limited
Asia Capital Reinsurance Group PTE Ltd
Assicurazioni Generali SpA
Associate Insurance Brokers Pte Ltd |
Atradius Credit Insurance NV
Ava Insurance Bokers PTE Ltd
Bannerman Rendell Limited
BDB Ltd
Beazley Furlonge Limited
Benfield Ltd
Berry Palmer & Lyle Ltd
BISYS Hanleigh
BMS Group Ltd
Brit Insurance Limited
Brit Syndicates Limited
Butcher Robinson & Staples International Ltd
Butcher Robinson & Staples Marine Ltd
Caledonian Insurance Co
Cathedral Underwriting Limited
Chaucer Syndicates Limited
Chesterfield Insurance Brokers Ltd
China Insurance Co (UK) Ltd
China Insurance Co. (Singapore) Pte. Ltd
Churchill Insurance Company Ltd
City of London Insurance Co Ltd
CJ Coleman & Co Ltd
CMGL Syndicate Management Limited
CNA Insurance Company Limited
COBRA London Markets Limited
Cogent Resources Ltd
Collingwood Insurance Company Limited
ComfortDelgro Insurance Brokers Pte Ltd
Connor Hale Kerslake Ltd
Contingency Insurance Co Ltd
Cooper Gay & Co Ltd
Craven and Partners Ltd
Crest Underwriting Ltd
Crispin Speers & Partners Ltd
Domestic & General Insurance PLC
Emil Bergundthal
Enterprise Insurance Company Plc
EPG Insurance Services Ltd
EQ Insurance Company Limited
European Brokers Associated Ltd
European Risk Insurance Company hf
Excelsus (Far East) Pte Ltd
Federal Insurance Company
Fidelity Investments Life Insurance Limited
First Capital Insurance Limited
FirstCity Partnership Ltd
FP Marine Risks Ltd
Galaxy Insurance Consultants Pte Ltd
Gates Insurance Brokers Pte Ltd
Genavco Insurance Ltd |
Gina Fitzgerald Ltd
Grosvenor Brokers (America) LLC
Hallmark Insurance Co Ltd
Hartford Life Limited
Hayward Aviation Ltd
HDI-Gerling Industrial Insurance Company - UK Branch
Heritage Managing Agency Limited
Highway Insurance Agency Limited
Highway Insurance Company Limited
Hiscox Insurance Company Ltd
Hiscox Syndicates Limited
Hitachi Capital Insurance Europe Ltd
HL Suntek Insurance Brokers Pte Ltd
Home & Overseas Insurance Co.Ltd.
Homecare Insurance Ltd
Houlder Insurance Services Ltd
HSBC
I C Frith (Asia Pacific) Pte Ltd
IGI Insurance Company Limited
Imagine Syndicate Management Limited
Indemnity Insurance Limited
India International Insurance Pte Ltd
Inspro Insurance Brokers PTE LTD
Integro Insurance Brokers Ltd
International Insurance Company of Hannover Limited
International Risk Solutions Ltd
James Hampden Insurance Brokers Ltd
John Holman & Sons Ltd
KGM Underwriting Agencies Limited
KIB Insurance Brokers (S) Pte Ltd
Korean Reinsurance Company, Ltd.
L.C.H (S) Pte Ltd
Landmark Insurance Company Ltd.
Liberty Insurance Pte Ltd
Liberty Mutual Insurance Europe Limited
Liberty Syndicate Management Limited
Lloyds TSB General Insurance Limited
Lockton Companies International Ltd
London General Life Company Limited
London Life Ltd
London Market Insurance Brokers Ltd
London Special Risks Ltd
Lonpac Insurance Bhd
Jardine Lloyd Thompson
MACS-UIB Insurance Brokers Pte Ltd
Malvern Insurance Company Limited
Marine and General Mutual Life Assurance Society
Markerstudy Insurance Company Ltd
Market Insurance Brokers Ltd
Marketform Managing Agency Limited
Mayban General Assurance Berhad
Mercer Human Resource Consulting (S) Pte Ltd
Meridian Risk Solutions Ltd
Methodist Insurance PLC
Miles Smith
Miller Insurance Services Ltd
MSIG Insurance (Singapore) Pte Ltd
National Deposit Friendly Society Limited
National Provident Insurance
Navigators Underwriting Agency Limited
NCG Professional Risks Ltd
New India Assurance Co Ltd
Newman Martin and Buchan Ltd.NMB House
Nipponkoa Insurance Co Ltd
Nipponkoa Insurance Company (Europe) Ltd
Norman Butcher and Jones Ltd
Northern Assurance Company Limited
Novae Syndicates Limited
OAMPS Insurance Brokers
Ocaso SA UK Branch
Ocean Accident and Guarantee Corporation Limited
Ocean Marine Insurance Company Limited
Omega Underwriting Agents Limited
Omnilife Insurance Co Ltd
Paris RE Asia Pacific Pte Ltd
Partner Reinsurance Co Ltd, Singapore Branch
Pearl Assurance plc
Pensions Management (SWF) Ltd
Phoenix & London Assurance Limited
Platus
PPP Lifetime Care Plc
Priest & Co Ltd
PRO Syndicate Management Limited
R + V Versicherung AG, Singapore Branch
R+V Versicherung AG, Singapore Branch
Ramon International Insurance Brokers Ltd
Rasini Vigano Ltd
Rattner Mackenzie Ltd
RFIB Group Limited
RGA Reinsurance UK Limited
RIB Reinsurance International Brokers Spa
Ridge Underwriting Agencies Limited
Riverstone Managing Agency Limited
Ropner Insurance Services Ltd
Royal Liver Assurance Limited
S. A. Meacock & Company Limited
Scottish Friendly Assurance Society Limited
Scottish Mutual Assurance Limited
Scottish Provident Limited
Scottish Re Holdings Limited
Sea and Land Insurance Brokers Pte Ltd
Seaban Insurance Brokers Pte Ltd
Selestia Investments Limited
Senior Wright Ltd
Sime Insurance Brokers (Singapore) Pte Ltd
Singapore Aviation and General Insurance Co (Pte) Ltd
Singapore Reinsurance Corporation Limited
Sirius International Insurance Corporation
Skandia Life Assurance Co. Ltd.
SL Liverpool PLC
Spectrum Syndicate Management Limited
St Andrew's Insurance PLC
Sterling Insurance Company Limited
Stonebridge International Insurance Ltd
Suffolk Life Annuities Limited |
Swinglehurst Ltd
Swiss Life (Liechtenstein) AG
Tasker & Partners Limited
Tenet Insurance Company Ltd
Texel Finance Ltd
The Toa Reinsurance Company Limited
Threadneedle Pensions Limited
Times Insurance Brokers Pte Ltd
TM Asia Insurance Singapore Ltd.
TM Asia Life Singapore Ltd.
Tobacco Insurance Co. Ltd.
Total Risk Solutions
Tradewise Insurance Company Limited
Transamerica Life (Bermuda) Ltd.
Travelers Syndicate Management Limited
UBS Global Asset Management Life Ltd
UK Insurance Limited
United Insurance Brokers Ltd
United Overseas Insurance Ltd
USAA Limited
Walsham Brothers & Co Ltd
Willy Insurance Brokers Pte Ltd
Windsor Life Assurance Co. Ltd.
World Auxiliary Insurance Corporation Limited
WT Butler & Co Ltd
Zuellig Insurance Brokers Pte Ltd
ABOUT THE BURMA CAMPAIGN UK
The Burma Campaign UK is the only national organisation in the UK dedicated to campaigning for human rights and democracy in Burma. We aim to increase pressure on the regime for reform through economic and political pressure. To increase economic pressure on the regime we discourage tourism and investment, while campaigning for targeted economic sanctions. To increase political pressure on the regime we lobby the British and European government, and key international organisations such as the European Union, United Nations and others.
The Burma Campaign UK receives no government funding. We rely on the generosity and committed support of individual supporters for the vast majority of our funding. To support our work, click here.
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