A new initiative of Myanmar Insurance Association we must welcome!

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  • An insurance enterprise is a business which gives protection so as not to meet financial difficulties for those who are subjected to unpredictable disasters. For example, outbreaks of fire are categorized as unexpected dangers. In case Myanmar citizens wish to protect themselves by having fire insurance made in advance, they will be able to overcome evil consequences due to fires—loss, damages, injury or hardships, because they will get coverage in the form of compensation, in exchange for premium payments. On the other hand, they can expand their businesses, through much reliance upon the broader insurance uenterprises.
    Successful management of the insurance enterprise to provide life insurance coverage can be seen in the public health sector. General hospitals being operated with Government budget are making concerted efforts for public health care, but they cannot fulfill all the requirements. According to the current situation people still need to rely upon private clinics and hospitals. Yet, charges for medical treatment in such places cost too much, compared to the individual income of most people. It will be a great burden for the treatment of chronic patients, in the case of poor people.
    The National Health Insurance Plan is being implemented in Myanmar but people are still less interested in it, failing to be well convinced of the project, which is assumed to be attributed to lack of broader and effective implementation of the insurance business in the country. The number of the people who had insurance cover in the country is only 86 people out of 1000 citizens in various sectors including health. So, Myanmar’s insurance enterprises are still less developed.
    Now, with a view to conducting training on insurance business in Myanmar, a memorandum of understanding [MoU] had been signed between the Global Insurance Association of Japan [GIAJ], Insurance Institute of India [III], Malaysia Insurance Institute [MII], and the Australian and New Zealand Institute of Insurance and Finance [ANZIIF]. Under the agreement, lecturers from those institutes will give lectures to Myanmar trainees, and it has also been arranged for the trainees to be able to learn in the companies of foreign countries as apprentices.
    Accordingly, the Myanmar Insurance Association will effectively support the creation of new categories of insurances, in cooperation with insurance companies. As a result, expansion of insurance markets and creation of job opportunities will be successfully implemented. To sum it up, we warmly welcome the MoU on opening insurance training courses from which the Myanmar Insurance Association will bring about good results.
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