In Myanmar, the Insurance business started in 1826. After the first Anglo-Myanmar War, the Europeans started to do their businesses in Myanmar and foreign Insurance Companies began to operate in Myanmar in order to provide insurance covers for those businesses.

Between 1845 and 1897, there were 18 foreign insurance companies in Myanmar. Between 1897 and 1940, there were 110 insurance companies. Out of them, there were two domestic insurance companies in 1937. They were:

1. Burma National Insurance Co., Ltd, established by Sir U Thwin, as a chairman.
2. Burma (Government Chief Executive) Insurance Co., Ltd, established by Dr. U Satt as a chairman.

When the World War II broke out, the insurance operations had to stop. The second interim Government which authorized to rule on 4th June, 1942 prescribed for Burma War Risks (Life, Personal Accidents and properties) Insurance Rules on the 1st January, 1943. The Burma (Government Security) Insurance Company Ltd