Livestock insurance to be launched by year-end
Livestock insurance to be launched by year-end
Myanmar Times, 16 Aug 2018
URL: https://www.mmtimes.com/news/livestock-insurance-be-launched-year-end.html
Myanmar will launch an insurance policy covering livestock insurance for the first time in 30 years. “We estimate livestock insurance will be launched by year-end,” Daw Sandar Oo, managing director of Myanma Insurance, told The Myanmar Times.
State-owned Myanma Insurance, the Department of Livestock Breeding and Veterinary under the Ministry of Agriculture, Livestock and Irrigation (MOALI), Singapore-based InfoCorp Technologies and Myanmar’s RGK+Z&A Group are cooperating to launch the livestock insurance pilot project, which will be supported by the bank.
The insurance application process will involve registration of the livestock using InfoCorp Technologies’ tamper-proof livestock identification tagging technology. This involves inserting a digital chip into each animal, said U Zeya Mon, CEO of RGK+Z&A Group.
The registration fee per head of cattle is estimated to be around US$2. There is also a premium rate of about 1pc of value of the livestock.
Currently, Myanma Insurance is drafting the livestock insurance policy, including how to provide compensation in the event of death or disease. The policy premiums have yet to be announced.
According to official data, there is currently a total of 11.5 million head of livestock in Myanmar.
State-owned Myanma Insurance, the Department of Livestock Breeding and Veterinary under the Ministry of Agriculture, Livestock and Irrigation (MOALI), Singapore-based InfoCorp Technologies and Myanmar’s RGK+Z&A Group are cooperating to launch the livestock insurance pilot project, which will be supported by the bank.
The insurance application process will involve registration of the livestock using InfoCorp Technologies’ tamper-proof livestock identification tagging technology. This involves inserting a digital chip into each animal, said U Zeya Mon, CEO of RGK+Z&A Group.
The registration fee per head of cattle is estimated to be around US$2. There is also a premium rate of about 1pc of value of the livestock.
Currently, Myanma Insurance is drafting the livestock insurance policy, including how to provide compensation in the event of death or disease. The policy premiums have yet to be announced.
According to official data, there is currently a total of 11.5 million head of livestock in Myanmar.