Myanma Insurance to work with foreign firms on government housing

BY KYAW YE LYNN | FRONTIER 

YANGON — 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 tens of thousands of units – and potentially far more, with the government planning to build and sell up to 1 million homes over the next few decades.

Myanma Insurance on Tuesday 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. 

Support more independent journalism like this. Sign up to be a Frontier member.

Speaking after the signing yesterday, she said DIT would provide financing for those buying units through the Construction and Housing Development Bank, while IRMC will “calculate the risk of the housing projects”.

Myanma Insurance will re-insure the life and fire policies through Hannover Re, which is one of the largest reinsurance groups in the world.

Representatives from Shin Ye Htut Group and the foreign firms were all present for the signing.

The Ministry of Construction announced in 2011 that it would build up to one million low- and medium-cost housing units across the country by 2030. In March, parliament approved a 15 billion yen (K208 billion) loan from the Japan International Cooperation Agency for the construction of almost 12,000 apartments. 

By Kyaw Ye Lynn

By Kyaw Ye Lynn

Kyaw Ye Lynn is a Myanmar journalist based in Yangon. Prior to joining Frontier, he worked as a freelance journalist and fixer. He began his career at the Popular News weekly journal in 2011.
Share on facebook
Share on twitter
Share on email

More stories

Latest Issue

Stories in this issue
What Kyaw Myint’s downfall tells us about doing business in Myanmar
Kyaw Myint is just the tiniest tip of a very large iceberg of criminal activity in Myanmar’s business community, but as long as you steer clear of politics you’re unlikely to get caught.
Myths, militias and the destruction of Loi Sam Sip
Activists in northern Shan State have been fighting for years to protect a culturally and environmentally important mountain range but face opposition from Tatmadaw-aligned militias – and a company linked to the speaker of Myanmar’s national parliament.

Stay on top of Myanmar current affairs with our Daily Briefing and Media Monitor newsletters

Our fortnightly magazine is available in print, digital, or a combination beginning at $80 a year

Sign up for our Frontier Fridays newsletter. It’s a free weekly round-up featuring the most important events shaping Myanmar