THE Myanmar Rice Federation (MRF) signed an MoU with the Sompo Japan Nippon Koa Insurance company on Tuesday at the Yangon Federation of Chambers of Commerce and Industry to implement a crop insurance system, the first to launch in upper Myanmar.
Crop insurance plays an essential role in agriculture sector because the erratic weather is a big challenge to local and foreign investors, said an official from MRF. This crop insurance will cover the losses caused by torrential rains, it has been learned from those who are engaged in the enterprise.
Myanmar is listed among countries which are adversely affected by erratic weather. This is the reason why crop insurance is not easy to implement in Myanmar, said Dr. Tun Win, deputy minister for Agriculture, Livestock and Irrigation.
We’ve been offering crop insurance not only to Myanmar but also to other ASEAN member countries. It is the first time we’ve kicked off this insurance system in Myanmar. We will provide technical assistance without gaining any profit.
Since Myanmar has difficulty in collecting weather data we will apply satellite technology to measure rainfall and weather conditions using photos sent by the satellite, said general manager Mr. Keiji Okada from Sompo Japan Nippon Koa Insurance.
Source: Global New Light of Myanmar
