People seek insurance to protect against natural disaster damage

RESIDENTS of high-rise condo­miniums in Yangon are increas­ingly purchasing insurance pol­icies to protect against damage from natural disasters such as earthquakes, according to the Myanma Insurance in Yangon

 

“If you have fire insurance policy, you can also obtain cover­age for 11 types of natural disas­ters, including earthquakes. This insurance will reimburse you for any losses you may incur. After the Mandalay earthquake, people realized the importance of being insured against natural disasters and began seeking coverage,” said Daw Sanda Lin, Director of Myanma Insurance (Yangon).

 

Myanma Insurance and pri­vate insurance companies are providing compensation for build­ings, vehicles, and life insurance policies that were insured against damage caused by the Mandalay earthquake.

 

“As an insurance company, we post insurance-related up­dates on our Facebook page and the KBZ MS website every week or every two weeks to show how we provide our services. You can access this information and learn how insurance can help you re­cover from losses. We offer vari­ous types of insurance services,” said U Kyaw Zay Han from KBZ MS.

 

The Mandalay earthquake caused cracks and crevices in the walls of some high-rise condomin­iums in Yangon. Residents who had insurance received compen­sation, prompting more high-rise condo residents to obtain cov­erage against damage caused by natural disasters. — Thitsar (MNA)/TH