STATE-OWNED Myanma Insurance, wholly foreign-owned companies, joint ventures and domestic companies provide 59 different types of life and general insurance, according to the Insurance Business Regulatory Board.
There are 27 insurance companies, including foreign-owned insurance companies operating in Myanmar. They are offering a full range of insurance policies in harmony.
State-owned Myanma Insurance covers third party liability insurance, inbound travel accident insurance, fire& allied perils insurance, burglary insurance, fidelity insurance, cash-in-safe insurance, cash-in-transit insurance, personal accident & disease insurance, personal accident insurance, workmen’s compensation insurance, general third party/public/commercial general liability insurance, contractor’s plant and machinery insurance, deposit insurance, marine cargo insurance, marine hull and machinery insurance, aviation hull insurance, aviation liability insurance, travel insurance, ship owner and ship operator’s liability insurance, Kyar Fishing Barge owners’ liability insurance, oil and gas insurance, comprehensive motor insurance, credit guarantee insurance, contractors’ all risks insurance, erection all risks insurance, electronic equipment insurance, miners’ liability insurance, reinsurance and machinery insurance under general insurance category, and government personnel (short term) endowment life assurance, government personnel life assurance, army personnel life assurance, public life assurance, short term endowment life insurance, education life insurance, student life insurance, shore job life insurance, seamen life insurance, local seamen life insurance, farmers’ life insurance, snake bite life insurance, group life insurance, public term life insurance, sportsmen life insurance, health insurance, critical illness insurance, micro health insurance, single premium credit life insurance, short term single premium credit life insurance, single premium endowment and smart saving 5/2 life insurance under life insurance category. There are more insurance products offered by private companies as well.
The insurance industry is competitive with different life and non-life insurance products. More insurance types will be permitted to enhance the insurance sector, implement an insurance roadmap for Myanmar’s insurance development, keep abreast of the course of development in the ASEAN insurance market and provide financial protection to the insured, which might help contribute to the economic development of the State. — ASH/ KK
