Myanmar to get credit insurance “this year”

Myanma Insurance will begin offering credit insurance, deputy finance minister Dr Maung Maung Thein announced last week.

Speaking during a training session for the new product, he said that credit guarantees will protect sellers from non-paying buyers in the country’s increasingly risky marketplace.

“In the past, we have been told that it is an unneeded form of insurance, but now we see that it is essential,” he said, adding that the new type of insurance will become available in the coming months.

In addition, the state-run giant plans to roll out at least two other types of insurance, farmers and health insurance, once potential customers become more familiar with the concept, he said.

People now know that insurance is essential,” he said. “Private insurance companies should not be afraid of providing services here. They won’t lose out, because people want insurance, and international experts are ready to help as much as they can.”

He said private insurance companies would be able to offer credit guarantee insurance after the first year of operation.

Despite the opportunity for Myanma Insurance to expand, recently opened private insurance firms are only allowed to sell premiums for just six policies, though officials said that will change this year.

Source: Myanmar Times

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