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Government of the Union of Myanmar
Ministry of Finance and Revenue
Myanma Insurance |
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 insurance. Currently it underwrites the following portfolios:-
- Life Assurance
- Group Life Insurance
- Seaman Life Insurance
- Shore Job Life Insurance
- Sportsman Insurance
- Snake Bite Life Insurance
- Health Insurance
- Fire & Allied Perils Insurance
- Property Damage & Business Interruption Insurance
- Industrial Special Risks
- Industrial All Risks
- Hospitalization Insurance
- Marine Cargo Insurance
- Marine Hull Insurance
- Ship Owner & Ship Operator's Liability Insurance
- Aviation Hull Insurance
- Automatic Passenger Personal Accident Insurance
- Baggage Legal Liability Insurance
- Freight Legal Liability Insurance
- Registered Mail Legal Liability Insurance
- Third Party Legal Liability Insurance
- Crew Personal Legal Liability Insurance
- Aviation Hull Deductible Insurance
- Aviation Hull War Risks
- Comprehensive Motor Insurance
- Third Party Motor Liability Insurance
- Comprehensive General Liability Insurance
- Workmen's Compensation Insurance
- Employee's Liability Insurance (or) Employer's Liability Insurance
- Miner's Liability Insurance
- Tour Operator's Disbursement Insurance
- Contractor's All Risks Insurance
- Contractors' Plant & Machinery Insurance
- Erection All Risks Insurance
- Electronic Equipment Insurance
- Machinery Insurance
- Oil & Gas Insurance
- Fidelity Insurance
- Cash-in-safe Insurance
- Cash-in-transit Insurance
- Personal Accident & Disease Insurance
- Personal Accident Insurance for Cooperative Personnel
- Hospitalization and Surgical Insurance
- Burglary Insurance
- Travel Insurance
- Travel Insurance for Tourist
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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 3421.91 MIO (US$ 645.64 mio), General Fund Kyats 15322.76 MIO (US$ 2891.09 mio), General Reserve Fund Kyats 804.98 MIO (US$ 151.88 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 reinsurers 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 984.86 million (US$ 185.82) in claims in the last financial year (2006-2007).
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.
Contact
Contact with the Myanma Insurance can be made as follow:
Myanma Insurance
Ministry of Finance and Revenue
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