Myanmar's state-owned insurer has signed an agreement with a consortium of local and foreign companies to provide insurance to buyers of government-built housing units.
The insurance will be available on thousands of housing units, with the government planning to build and sell up to one million homes over the next few decades, reports Frontier Myanmar.
Myanma Insurance signed a memorandum of understanding with Myanmar’s Shin Ye Htut Group, which is working with Hannover Re of Germany, Malaysia’s International Risk Management Consultants and DIT of Japan.
The agreement will enable Myanma Insurance to provide life insurance and fire insurance to buyers of the units, said director general Daw Sandar Oo.
Myanma Insurance will reinsure the life and fire policies through Hannover Re.