Myanma Insurance

Myanma Insurance, the state-owned insurance company, was founded in 1952 and started as a life insurer but later it underwrites both life and non-life insurance.  Currently it underwrites the following portfolios:-

Life Assurance

1. Government Personnel (Short Term) Endowment Life Assurance
2. Government Personnel Life Assurance
3. Military Personnel Life Assurance
4. Public Life Assurance
5. Short Term Endowment Life Insurance
6. Education Life Insurance
7. Student Life Insurance
8. Shore Job Life Assurance
9. Seamen Life Assurance
10. Farmer’s Life Assurance
11. Snake Bite Life Assurance
12. Group Life Assurance
13. Public Term Life Insurance
14. Sportsmen Life Assurance
15. 1. Health Insurance including Covid-19 Cover
    2. Critical Illness Insurance
    3. Micro Health Insurance
16. Single Premium Credit Life Insurance
17. Short Term Single Premium Credit Life Insurance
18. Single Premium Edowment
19. Smart Saving 5/2 Life Insurance

General Insurance

1. Fire & Allied Perils Insurance
2. Burglary Insurance
3. Fidelity Guarantee Insurance
4. Cash in Safe Insurance
5. Cash in Transit Insurance
6. Personal Accident & Disease Insurance
7. Workmen’s Compensation Insurance
8. Liability Insurances
   1. Miners’ LIability Insurance
   2. Third Party Liability Insurance/Public Liability Insurance/ Comprehensive General Liability Insurance
   3. Bailee’s Liability
9. Contractor’s & Machineries Insurance
   1.  Contractor’s All Risks Insurance
   2. Erection All Risks Insurance
   3. Electronic Equipment Insurance
   4. Machinery Insurance
   5. Contractor’s Plant & Machinery
10. Deposit Insurance
11. Marine Cargo Insurance
12. Marine Hull & Machinery Insurance
13. Aviation Hull Insurance
14. Aviation Liability Insurance
    • Crew Personal Accident Insurance
    • Aviation Hull Deductible Insurance
    • Aviation Hull War & Allied Perils Insurance
15. Travel Insurance
16. Ship Owner and Ship Operator’s Liability Insurance
17. Tiger Fishing Barge Owner’s Liability Insurance
18. Oil & Gas Insurance
19. Third Party Liability Insurance
20. Comprehensive Motor Insurance
21. Credit Guarantee Insurance
22. Reinsurance

Its head office is situated at no. 627/635, Merchant Street, Yangon, Myanmar and it has 39 branch offices at cities and towns nationwide.

Myanma Insurance has huge reserve funds (Life Fund Kyats 26130.91 MIO, General Fund Kyats 164694.67 MIO, General Reserve Fund Kyats 15388.48 MIO) and has a substantial reinsurance cover.  It has Marine Excess of Loss Reinsurance Treaty, Fire Excess of Loss Reinsurance Treaty and Motor Facultative Obligatory Treaty and Energy Treaty.  These Reinsurance Treaties are placed with top-notch reinsurers.  Furthermore, Myanma Insurance is backed by the Government, which   assumes all the liabilities of it under the Myanma Insurance Law. So, Myanma Insurance is the insurer who will never be liquidated. Myanma Insurance is also reputed as the insurer who will never run away from a legitimate claim and it has paid total of kyats 4788.25 million in claims in the last financial year (2018-2019).

Myanma Insurance, like all other insurers, is using agency system extensively and from time to time new agents are recruited and trained.

Since Myanma Insurance is a state-owned insurer, the laws require that all the foreign investors must buy insurances only from it.