Capital Life Insurance has made its first insurance payment for loss of life following a death in a car crash.
Daw Tin Shwe’s family has received K3 million (US$2900) after she died in a car crash at 115 Mile rest stop on March 13. The insurance firm transferred the payment to her son U Ye Tint four days later.
Her family received an additional K1.5 million from Mahar Highway Express Line, after the bus collided with the vehicle carrying Daw Tin Shwe, 80.
The payment is the first that Capital Life has made for loss of life, though it has paid out five times for injuries.
Capital Life Insurance principal officer Daw Sie Sie Than said many people had been frightened by the Yar Zar Min accident last year when 14 people died in an accident on the Mandalay-Yangon highway, adding the firm works with about 20 highway bus lines based out of Aung Mingalar Highway bus station.
“Passengers are becoming more willing to buy travel insurance,” she said.
Beneficiary U Ye Tint said the process had been relatively smooth, with the hospital providing the necessary certificates, and insurance being paid four days later.
“We know the cost of travel insurance is K300 per person, and we have considered buying other insurance later,” he said.
Capital Life is part of the Capital Diamond Star Group conglomerate. It is headquartered in Yangon, with offices in Mandalay and Nay Pyi Taw. It currently offers health insurance, and would like to branch into other forms of insurance if allowed by the government.
Source: Myanmar Times