MYANMAR has only about two million people with life insurance out of 52 million populations as only 200,000 are insured out of 600,000 cars nationwide. The protection can be obtained from insurance is lost, according to Managing Director Dr Sandar Oo of Myanma Insurance.
“We should have insurance to safeguard ourselves in the event of a disaster. 52 million people live in Myanmar, according to the country’s most recent census. The primary finding is that out of the 52 million people, only two million had insurance at the time of data collection. The Department of Road Transport and Administration reports that 400,000 of the 600,000 private vehicles do not have auto insurance. They don’t have insurance. Many people in our nation do not have health insurance. They are therefore powerless to stop natural disasters and suffer as a result,” Daw Sandar Oo stated.
The Myanma Insurance is working to promote public awareness of insurance, develop insurance types to meet the needs of the public, modernize the services of insurance companies, produce insurance professionals, and build public trust in the insurance system. There are a total of 17 life insurance companies and nine general insurance companies in Myanmar, offering 48 types of life insurance, 22 types of general insurance, and six types of life and general insurance. — ASH/MKKS
