State-run insurer Myanmar Insurance Enterprise (MIE) said it will introduce a comprehensive health insurance system in April.
U Aye Min Thein, managing director of MIE, said the enterprise will introduce the system on a trial basis first.
MIE will sell insurance at K50,000 ($50) per unit and each individual can buy only up to five units.
“We are not going to accept anyone who has a pre-existing condition. Anyone can buy the insurance – not only at MIE but also at private insurance companies,” U Aye Min Thein told Myanmar Business Today.
The health insurance will cover 30 days of treatment per unit at any hospital or clinic which is certified by the Ministry of Health. The insurance holder will get K15,000 ($15) per day towards treatment fees.
If the insurance holder dies during treatment, the person’s heirs will receive K550,000 ($550), and if the holder dies because of an accident the heirs will get K1 million.
“The duration of this insurance is one year. MIE will collaborate with the private insurance companies to implement the system in Yangon first, and then in Mandalay,” U Aye Min Thein said.
The government granted permits to 12 private insurance companies in 2012 and the companies provide seven types of insurance. As the private sector becomes stronger, Myanmar Insurance Enterprise, which regulates the industry, said it will extend the insurance categories.
Currently, about 15 foreign insurers are engaged in market research and other activities in Myanmar, and the government is expected to dish out some operating licences by this year.
Myanmar’s insurance market, which stood at about $35 million last year, is expected to grow to $2.8 billion by 2030, according to estimates.
