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

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