Crop Insurance System Expected to Launch This Fiscal Year

A coordination meeting on the introduction of insurance services for farmers and fishers was held at the Union of Myanmar Federation of Chambers of Commerce and Industry in Yangon on August 19.

In a Facebook post, Myanmar Rice Federation (MRF) general-secretary Ye Min Aung said: “The nod given by the Myanmar Insurance Business Supervisory Board to resume the life insurance system for farmers will be beneficial to both the local agricultural sector and rural people. At a meeting with farmers in Ayeyawady Region, they expressed their desire to resume the insurance system that existed when they were young. The MRF always pays attention to farmers’ demands and forwards their desires to governmental departments and policy makers. The MRF is making efforts to ensure the emergence of natural disaster insurance and crop insurance.”

“Crop insurance has been approved in parliament. The ministry will continue to implement it. Myanmar Insurance discussed the introduction of a weather-based insurance system with Japan. The crop insurance system will be introduced after step-by-step decisions made by the government, the insurance supervisory board and the Ministry of Planning and Finance,” he said

“It is impossible to develop the insurance system rapidly. We will introduce a weather-based insurance system first and then extend insurance services for drought, floods and yields gradually. A crop insurance system is expected to launch during this fiscal year,” he added.

Local, private insurance companies are currently unable to offer crop insurance services. One Japanese insurance company is offers the service in the Thilawa Special Economic Zone.

 

Source: Eleven Myanmar

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