Insurance in Myanmar
Notification of Healthcare and Travel Insurance for foreigner
Meeting on Services related to Health Insurance and its benefits was held at Myanma Insurance on November 19th, 2015.
A) The insurance will be sold in units and the price is USD 2 per unit. Maximum claim allowed will be USD 2500 and each individual can buy 20 units.
B) In Myanmar currency, the price will be 500 kyat per unit, the benefit will be 500,000 , valid for 7 days.
C) 8% commission reserved for Travel Agents.
D) Travel Insurance for outbound agency is also available.
E) They will distribute the list of name and location of the hospital and the available services for the foreigner who are also the member of Myanmar health and general services association.
F) They will create the small team named Health Care and General Association and they will do the necessary coordination.
The State-owned Insurance Business (MyanmarInsurance) was founded in 1952. In the beginning it only does Live Insurance but after that it underwrites Live Inusrance as well as Non-life Insurance.
Now Myanmar Insurance underwrites the following portfolios:-
1. Government Services Personnel Life Insurance)
2. Army Personnel Life Insurance
3. Public Life Insurance
4. Group Life Insurance
5. Seaman Life Insurance
6. Life Insurance for Personnel with Shore Job
7. Sportsman Life Insurance
8. Snakebite Life Insurance
9. Health Insurance
10. Fire & Allied Perils Insurance
11. Burglary Insurance
12. Fidelity Guarantee Insurance
13. Cash in Safe Insurance
14. Cash in Transit Insurance
15. Personal Accident & Disease Insurance
16. Workmen's Compensation Insurance
17. Liability Insurances
a. Miners' LIability Insurance
b. Third Party Liability Insurance/Public Liability Insurance/ Comprehensive General Liability Insurance
18. Contractor's & Machineries Insurance
a. Contractor's All Risks Insurance
b. Erection All Risks Insurance
c. Electronic Equipment Insurance
d. Machinery Insurance
19. Deposit Insurance
20. Marine Cargo Insurance
21. Marine Hull & Machinery Insurance
22. Aviation Hull Insurance
23. Aviation Liability Insurance
a. Crew Personal Accident Insurance
b. Aviation Hull Deductible Insurance
c. Aviation Hull War & Allied Perils Insurance
24. Travel Insurance
25. Ship Owner and Ship Operator's Liability Insurance
26. Tiger Fishing Barge Owner's Liability Insurance
27. Oil & Gas Insurance
28. Third Party Liability Insurance
29. Comprehensive Motor Insurance
Its head office is situated at no. 627/635, Merchant Street, Yangon, Myanmar and it has 38 branch offices at cities and towns nationwide.
Myanma Insurance has huge reserve funds (Life Fund Kyats 12183.025 MIO, General Fund Kyats 82858.965 MIO, General Reserve Fund Kyats 6355.785 MIO) and has a substantial reinsurance cover. It has Marine Excess of Loss Reinsurance Treaty, Fire Excess of Loss Reinsurance Treaty and Motor Facultative Obligatory Treaty and Energy Treaty. These Reinsurance Treaties are placed with top-notch reinsurers. Furthermore, Myanma Insurance is backed by the Government, which assumes all the liabilities of it under the Myanma Insurance Law. So, Myanma Insurance is the insurer who will never be liquidated. Myanma Insurance is also reputed as the insurer who will never run away from a legitimate claim and it has paid total of kyats 2981.612 million in claims in the last financial year (2014-2015).
Myanma Insurance, like all other insurers, is using agency system extensively and from time to time new agents are recruited and trained.
Since Myanma Insurance is a state-owned insurer, the laws require that all the foreign investors must buy insurances only from it.
With the Notification No. 2117/2013, the Ministry of Finance reformed the Insurance Business Supervisory Board comprising the following persons.
|(1)||Dr.Maung Maung Thein
Ministry of Finance
Central Bank of Myanmar
Office of the Attorney-General
Office of the Auditor-General
Directorate of Investment and Company Administration
Internal Revenue Department
|(7)||U Aung Myaing
The Insurance Business Regulatory Board has been phasing in the liberalization of insurance market to the private sector; therefore, Insurance Business Regulatory Board announced its selection of the following 12 private companies to be granted the license on 5th September, 2012. Five private companies were first issued the license on 25th May, 2013 and the other four private insurance companies were issued the license on 14th June, 2013 and 3 private insurance companies on 6th October, 2014. Therefore, Insurance Business Regulatory Board has already granted eleven licenses in total to private companies up to now. The rest one will be issued the license soon.
Private Insurance Companies List
|1||First National Insurance Public Co., Ltd.||No. 400/406, Merchant Street, Botahtaung Township, Yangon||General Ins. + Life Ins.|
|2||I.K.B.Z Insurance (Public) Co., Ltd.||No. 608, Bo Sun Pat St., Pabedan Township, Yangon||General Ins. + Life Ins.|
|3||Young Insurance Global Co., Ltd.||No. 647(A), Pyi Road, Kamayut Township, Yangon||General Ins. + Life Ins.|
|4||Grand Guardian Insurance Public Co., Ltd.||No. 19/20 (A,B,C & D) Junction Square, Pyi Road, Kamayut Township, Yangon||General Ins. + Life Ins.|
|5||Global World Insurance Co., Ltd.||No. 44, Thein Phyu Road, Pazundaung Township, Yangon||General Ins. + Life Ins.|
|6||Excellent Fortune Insurance Co., Ltd.||No. 53/54, Sat Sayar U Tun Street, Shwe Pyi Thar Industrial Zone, Insein Township, Yangon||General Ins. + Life Ins.|
|7||Aung Thitsar Oo Insurance Co., Ltd.||Room 602/604, Myawaddy Bank Luxury Complex, No. 151, Bogyoke Road, Lanmadaw Township, Yangon||General Ins. + Life Ins.|
|8||Pillar of Truth Insurance Co., Ltd.||No. 14-02, Sakura Tower, Sule Pagoda Road, Kyauktada Township, Yangon||General Ins. + Life Ins.|
|9||Ayeyar Myanmar Insurance Co., Ltd.||No. 480, Lower Kyeemyindine Road, Kyeemyindine Township, Yangon||General Ins. + Life Ins.|
|10||Capital Life Insurance Co., Ltd.||No. 277/285, Middle of Bo Aung Kyaw Street, Kyauktada Township, Yangon||Life Ins.|
|11||Citizen Business Insurance Public Ltd.||No. 5, Sayar San Plaza First Floor, Bahan Township, Yangon||Life Ins.|
|12||Aung Myint Moh Min Insurance Co., Ltd.||No. 28, Corner of Shwedagon Pagoda Road and Pantrar Street, Dagon Township, Yangon||Life Ins.|