Grab, Myanma Insurance partner to provide insurance coverage

Grab has partnered with state-owned Myanma Insurance to launch a group Personal Accident Insurance (PAI) scheme which covers its drivers and passengers in the case of an accident during a GrabTaxi, GrabThoneBane or GrabBike ride.

It is the first ride hailing company to procure a group PAI policy in Myanmar, covering four-wheel, three-wheel and two-wheel motorbike taxis in Yangon, Mandalay and Bagan.

Now, every Grab in Myanmar is insured, in line with its commitment towards achieving zero preventable incidents on its platform.

Grab’s group PAI policy offers coverage for drivers and passengers in the event of accidental death, permanent dismemberment and bodily injuries as a result of accidents. This coverage includes total personal accident benefits for the driver or passenger of up to US$7500 per person, subject to aggregate limits including US$10 million per accident in Myanmar. Each incident will be evaluated individually by Myanma Insurance.

Grab will provide this insurance coverage at no additional charge to its users.

“We are aware that many taxi drivers in Myanmar do not have life or health insurance policies and we are glad to be able to provide them with insurance coverage while they work. For passengers, they can enjoy peace of mind during rides with Grab as they will be protected under our policy from pick-up to drop-off. This makes riding with Grab a safer option compared to hailing a taxi on the street,” said Cindy Toh, Country Head, Grab Myanmar.

Grab will assist claimants with the insurance claim process, including collation of the necessary documents such as claim form, medical certificates, original copies of final hospital or medical bills, medical reports, police or accident reports and proof of Grab booking.

It will also help with the submission of documents to Myanma Insurance and Chubb for review and processing as well as disbursements of the claim amount to the claimant.

Grab’s partnership with Myanma Insurance is the first of its type in Myanmar and represents a significant milestone for the local insurance industry. Importantly, Grab is facilitating the transfer of international insurance expertise from its global insurance partner Chubb to Myanmar’s leading insurance provider. Through this collaboration, Myanma Insurance will improve their technology, expertise and contribute towards growing the local insurance sector.

The partnership is also significant in light of the ongoing liberalisation of Myanmar’s insurance sector which has seen five foreign insurance companies granted provisional licences in April 2019 to issue life insurance policies through wholly-owned life insurance subsidiaries.

The lack of awareness in the country is a challenge for the insurance industry’s expansion. Myanmar’s insurance penetration is very low, with only a 0.07 percent share of GDP, while the insurance density is close to $1. Only 86 in 1,000 people have insurance coverage, while road-related deaths and injuries in the country is expected to grow.

Source: Myanmar Times

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