December 18, 2016

Breaking News

Number of flood insurance increases

A family rows their boat through a flooded road in Kyaung Kone in Ayeyarwady Region, August 12, 2016. Photo: Reuters
A family rows their boat through a flooded road in Kyaung Kone in Ayeyarwady Region, August 12, 2016. Photo: Reuters

The number of those who have purchased flood insurance increased this year when compared to last year, it is learnt from U Aye Min Thein, the managing director of Myanma Insurance.
Besides flood insurance, locals have also purchased fire and comprehensive general liability insurance. The compensation for flood damage has been paid mostly in Yangon, Mandalay, Bago, Magwe and Ayeyawady regions.
If locals purchase fire insurance as well as comprehensive general liability insurance including flood insurance, they do not need to be that concerned, U Aye Min Thein said. The private companies concerned will conduct a survey in those flood stricken areas and the locals who purchase the insurance will receive compensation. This helps to ease the burden of the nation, he added.
Additionally, the Insurance Business Regulatory Board has been planning compensation under crop insurance.  But it takes a year or a year and half to formulate this. Myanma Insurance and private insurance businesses will jointly implement this, he continued. Myanma Insurance paid Ks1. billion in fire insurance compensation in the first six months of this year. Compensations have shot up this year compared to previous years. —200

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