9 September 2019
A Seminar on Promoting Microinsurance in Myanmar for Low Income People took place in Yangon, Monday.
This program was jointly supported by USAID and UKaid through DaNa Facility.
The seminar is to introduce core concepts related to microinsurance, learning from the experience of other countries, to generate enthusiasm around the possibilities and promise of microinsurance, to identify key actions required to improve the business environment for microinsurance and to update on the State’s Insurance Business Law and recent developments at Financial Regulatory Department (FRD).
Director, Financial Regulatory Department, Thant Zin said “Our department is drafting two laws at present. The one is microfinance business law and another is insurance business law. So, we’ve been adding the details of microinsurance session as the draft in insurance business law. And also we are adding one ground in microfinance business law that microfinance institutions can work as the corporate agency. After the laws, we can enact rules and regulations as well as procedures for microinsurance.”
The United States Agency for International Development (USAID), through its Private Sector Development Activity, and Ukaid, through the DaNa Facility, are supporting the Government to develop the insurance industry.
Senior A2F Advisor, DaNa Facility, Tom Moyes said “So, this is part of the movement, part of the new sets, skills and products that are being well done in other countries and in other developing market countries that haven’t really appeared yet in Myanmar. So, our purpose really is to get those kinds of products and to introduce in Myanmar. And we are saying that there is a lot of interest and there is a lot of need in microsurance.”
It is learnt that, the project on microinsurance for low income people includes variety of risks like health, live, funeral, agriculture, livestock, property, credit life, disaster as well as it provides for the accidence of people with disabilities.
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