Private companies soon to be permitted 20 types of insurance

The private insurance companies will be permitted to provide 20 types of insurance very soon for the development of the local insurances, according to a report in the Myawady Daily yesterday.

Initially, Myanmar Insurance has permitted private companies only six types of insurance out of 46.

Later on, the private companies were permitted to provide the 11 types of insurance services.

Now, the government will soon grant the private companies to engage in selling 20 types of insurance services.

The best selling types of insurances at the private companies are: travel insurance; comprehensive vehicle insurance; fire insurance; and life insurance.

The private companies are planning to introduce the new type of insurance services which were not provided yet by the state-run Myanma Insurance in the insurance market.

To be able provide the crops insurance for the local farmers, Global World Insurance company is planning to conduct the pilot project for two years.

There are about 48 types of insurance policies available in Myanma Insurance whereas 11 local private insurance companies are now offering nine types of insurance: life insurance, fire insurance, comprehensive motor insurance, cash-in-safe insurance, goods insurance, highway traffic insurance, health insurance and integrity insurance.

Starting from July, private companies have been providing insurance services for four new categories: Travel insurance; vessel insurance; life insurance for farmers and disability insurance.

Source: The Global New Light of Myanmar