Over 200 companies on "shamed list" after failing to clarify business dealings with military regime.
Insurers from around the world have been underwriting the Burmese regime according to a report published by Burma Campaign UK.
The report, Insuring Repression, is the result of a global research project by the Burma Campaign UK during which over 500 insurance companies and professionals were contacted worldwide.
It highlights how foreign insurers directly and indirectly fund the Burmese regime by underwriting the regime-owned Myanma Insurance. It is an imprisonable offence to buy insurance from any other provider.
The research revealed that companies in London, Antwerp, Singapore, Thailand, Germany, Bermuda, Japan and Malaysia provide insurance services to companies in Burma.
Sixteen companies are named as having provided insurance services and the significant role of Lloyd’s of London is revealed. There are 212 companies on the “Shamed list” of companies who failed to clarify if they provide insurance services to businesses in Burma and 215 companies join the “Clean list” of companies who have stated they do not.
The report makes the following 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.