Fewer number buys damage insurance among over 6 mln motorcyclists

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An official from the Global World Insurance provides compensation to an insured at their office in Yangon on 16 June .  Photo: Myint Maung

With more than 6 million motorcyclists registered in Road Transport Administration Department (RTAD) across the country, people are not very much willing to buy the insurance premium for their motorbikes, according to the Global World Insurance.
The Global World Insurance is giving the compensation for the motorbikes on 16 June in Bahosi housing compound in Wardan Street, Yangon.
At the compensation giving ceremony, Medical Action Myanmar (INGO) purchased damage insurance premium for their 125 Kanbo motorbikes in last one year. In May 2019, they lost their motorbikes in Manaw grounds, in Putao town, Kachin State. After having an investigation, the Global World Insurance gave compensation to the INGO which amounted to K850,000.
“There are a lot of motorbike users across the country. Our GWI started providing insurance services in 2019. According to the RTAD official statistics, more than 6 million motorcycles across the country are registered in RTAD, which has increased six times than the automobiles. However, people are less aware to keep the insurance for their motorbikes. The motorbikes are easy to be damaged and lost. If they buy the insurance premium, it will be safe for their property,” said Director U Soe Win Than of Global World Insurance.
Regarding the premiums of the motorbikes insurance, a motorbike worth K500,000 will cost a premium of K30,000 while a motorbike worth K1million will cost K60,000. The motorbikes are easy to damage and lose.
So, the motorbike owners need to buy comprehensive motor insurance for their bike safety. If the motorbikes are damaged, the company will pay compensation for their motorbike value. If the bike is lost, the company will open the case file in the police station. Then, the owners need to wait for a year and if their bike is lost, they will pay compensation for the normal price of the motorbike value.
As of April 2020, more than 7,450,000 vehicles are registered in RTAD. Among them, over 6,100,000 are motorbikes, according to the Global World Insurance. —Myint Maung (Translated by Hay Mar)

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