Several different insurance schemes could soon be made available to farmers and fishermen in Myanmar.
A coordination meeting on the introduction of insurance services for farmers and fishers was held at the Union of Myanmar Federation of Chambers of Commerce and Industry in Yangon earlier this month, reported Eleven Myanmar.
Myanmar Rice Federation (MRF) General Secretary Ye Min Aung, in a Facebook post, said: “The nod given by the Myanmar Insurance Business Supervisory Board to resume the life insurance system for farmers will be beneficial to both the local agricultural sector and rural people. At a meeting with farmers in Ayeyawady Region, they expressed their desire to resume the insurance system that existed when they were young.”
He said that the MRF pays attention to farmers’ demands and forwards their requests to government departments and policymakers.
The MRF is also making efforts to ensure the emergence of natural disaster insurance and crop insurance.
“Crop insurance has been approved in Parliament, Ye Min Aung said. “Myanmar Insurance discussed the introduction of a weather-based insurance system with Japan. The crop insurance system will be introduced after step-by-step decisions made by the government, the Insurance Supervisory Board and the Ministry of Planning and Finance,” he said
“We will introduce a weather-based insurance system first and then extend insurance services for drought, floods and yields gradually. A crop insurance system is expected to be launched during this fiscal year,” he added.
Currently, only the state-owned Myanmar Insurance can offer crop insurance. A Japanese insurance company has submitted a proposal to Myanmar Insurance to provide rainfall-based insurance services in Pyay and Shwebo townships.