Micro-insurance services eye low-income people

Micro-insurance services eye low-income people
Published 12 September 2019

 

Plan is under way to introduce micro-insurance services for low-income people, said Thant Zin, Director of Financial Regulatory Department at the Ministry of Planning and Finance, at a workshop on promoting the micro-insurance services, held at Chatrium Hotel in Yangon. 

Micro-insurance service is a combination of general insurance and life insurance. The talk focuses on the plan to lay down the tasks for the implementation of micro-insurance services and rules and regulations. 

“Like other countries, this insurance services target low-income people in Myanmar. This workshop is aimed at providing the insurance services which can protect the lives and properties, agriculture, livestock of low-income people with a relatively low insurance premium,” Thant Zin added. 

Currently, the department is drafting Micro-Finance Business Law and Micro-insurance Business Law. Both laws are expected to be enacted in 2020. The department will implement the micro-insurance services the soonest through a linkage between the two laws. 

The micro-insurance services cover health insurance, life insurance, funeral insurance, accident insurance, insurance for agriculture and livestock businesses, property insurance, credit life insurance and the insurance for floods and landslides.