Its
headoffice 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 Reserve Fund Kyats 1364.82 MIO
(US$ 195.9 MIO), General Reserve Fund Kyats 251.61 MIO (US$ 36.11 MIO)] and
has a substantial reinsurance cover. It has Marine Excess of Loss Reinsurance
Treaty, Fire Excess of Loss Reinsurance Treaty, Aviation Proportional Treaty,
Retention Treaty, Engineering Treaty, Motor Facultative Obligatory Treaty and
Energy Treaty. These Reinsurance Treaties are placed with top-notch reinsures
such as Munich Re, Lloyd's etc. 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 180.02 million (US$ 25.8 MIO) in claims
in the last financial year (2000-2001).
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.
Myanma
Insurance, the state-owned insurance company, was founded in 1952 and started
as a life insurer but later it underwrites both life and non-life insurances.
Currently it underwrites the following portfolios: -
(a) Life Insurance
(b) Third Party Liability Insurance
(c) General Liability Insurance
(d) Fire Insurance
(e) Marine Cargo Insurance
(f) Marine Hull Insurance
(g) Aviation Insurance
(h) Engineering Insurance
(i) Comprehensive Motor Insurance
(j) Oil & Gas Insurance
(k) Cash-in-transit Insurance
(l) Cash-in-safe Insurance
(m) Fidelity Insurance
(n) Traveling Insurance
(o) Personal Accident Insurance
(p) Other Insurances permitted by the Ministry of Finance and Revenue
