MYANMAR Insurance paid out K6.9 million to the insured farmers in three villages as Hnawgon, Nyaunggon, and Shwemyayagon in Hmawby Township, Yangon Region, not because rainfall did not exceed the set level, but because they were battered by floods and Myanma Insurance decided to pay them for 230 acres of monsoon paddy with crop insurance policy coverage.
The handover ceremony of crop insurance compensation was held at Myanma Agricultural Development Bank in Hmawby Township on 5 November.
Myanma Insurance started to provide crop insurance coverage to help manage risk triggered by climate change with weather index insurance for farmers and extend its service to flood-stricken farmers suffering loss.
Vulnerable farmers holding insurance policies can now cover yield loss or revenue loss due to unfavourable excess rainfall or devastating floods.
Afterwards, they will proceed to compensate for the paddy fields of the insured from Insein, Twantay and Hlegu townships in Yangon Region due to excess rainfall in another set time frame.
Myanma Insurance paid out K4.02 billion to the insured farmers in six townships as Thayawady, Letpadan, Minhla, Moenyo, Gyobingauk and Okpo in Bago Region on 6 October and K5.745 billion to the insured farmers in nine townships such as Hinthada, Laymyethna, Zalun, Kyangin, Myanaung, Ingapu, Kyonpyaw and Kyaunggon in Ayeyawady Region on 23 October due to excess rainfall. — NN/KK
