Private marine insurance as soon as this month: deputy minister

Private marine cargo insurance will be allowed to begin operating as soon as this month, according to deputy finance minister Dr Maung Maung Thein.

Marine cargo insurance covers the loss of cargo when it is shipped from the point of origin to a final destination, including when it is sitting at the ports. State-owned Myanma Insurance has until now been the sole provider of this insurance in the country, and will continue to provide the insurance in the future.

Dr Maung Maung Thein said private insurance will only cover the cost of the goods and the vessel, while state-owned insurer Myanma Insurance will also be able to cover jetties, as well as goods and vessels, with its insurance programs.

“Insuring jetty facilities would be difficult, as it requires an advanced level of knowledge,” he said.

The rules that will govern the provision of marine insurance, including the approved cost structures, have not yet been released, though some company officials said they are ready to offer it when they are able.

IKBZ general manager U Aung Soe Oo said that his company will enter the marine insurance business when it is able, adding the company has been taking on marine experts to study the market potential.

Private insurers have only been allowed for a few years, and the insurance regulatory body, of which Dr Maung Maung Thein is the head, is still preparing the rules for new types of insurance.

Health insurance was only allowed to start on July 1 of this year, with insurers allowed to charge K50,000 per unit for up to five units per customer, with a defined list of benefits.

A total of 12 private insurers were first allowed into the market in 2013, marking an end to the monopoly of Myanma Insurance.

Source: Myanmar Times

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