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IKBZ unveils six different insurance coverages for customers in Myanmar

IBR Staff Writer Published 03 June 2013

International Kanbawza Insurance (IKBZ) has started offering new insurance services in Myanmar and is writing six different types of coverage, including life, fire, surety bonds, transportation, cargo and money secure.

Kanbawza Group managing director Nyo Myint was quoted by Eleven Myanmar as saying that the company had deposited MMK46bn ($53m) as paid-up capital with Myanma Economic Bank.

Around MMK6bn ($7m) of the capital investment has been set aside for life insurance and the remaining amount for others, with plans to add more to the investment in future.

The company principle office Tin Aye Win said, "Our life policy will cover snake bites, group life and athletic life."

Kanbawza Group general manager Aung Soe Moe said that the life policy will be provided to healthy customers, who are aged in between 18 to 55.

"The premium fees for the auto insurance will be priced based on auto licensing for commercial or personal use," Moe added.

State-owned organization Myanma Insurance had allowed companies, including IKBZ Insurance Co, Grand Guardian Co, Aung Thitsar Oo Co, National Economy Public Co, and Aung Myint Mo Min Insurance Co, to operate in the country.