MYANMA INSURANCE

(Third Party Liability Insurance)

Third Party Liability Insurance was provided by law and implemented on July 1, 1976. It is an insurance system that the liability for death or bodily injury or property damage caused to any other person in the event of an accident occasioned by arising out of the use of the vehicle is transferred to Myanma Insurance on behalf of the vehicle of the owner.

The premium rating and the compensation amount are updated on August 1, 2016. The update premium rating may be different depending on the loaded passengers and the weight of vehicle (Tons). The premium is Kyats 5000.00 for minimum and Kyats 10000.00 for maximum for private vehicle. The premium is Kyats 10000.00 for minimum and Kyats 15000.00 for maximum for commercial vehicle. The update maximum compensation amount is as follows:

For death caused to any other person Kyats 1,000,000.00

For bodily injury caused to any other person Kyats800,000.00

For property damage caused to any other person Kyats500,000.00

From the year 1997, the cross-border area (Myawady, Muse and Tachilek) has implemented Third Party Liability Insurance with the updated the premium rating in order to get coverage for Myanmar people if the loss caused to them in the event of an accident occasioned by arising out of the use of the vehicles from the other boundaries entering into Myanmar.

Comprehensive Motor Insurance

1. Comprehensive motor insurance is a voluntary insurance. The insurance term is one year in maximum and the period can choose three month, six month or nine month either.
2. The benefits getting from insurance

• For insured vehicle,

• By accidental collision or overturning
• By impact damage caused by falling objects
• By fire, external explosion
• By malicious act
• Whilst in transit by road, rail, inland waterway
• Strike, Riot and Civil Commotion

• For the vehicle and property of Third Party

• The maximum compensation amount for death or bodily injury caused to any other person in the event of an accident occasioned by arising out of the use of the insured vehicle is Kyats One Million ( Ks. 1,000,000.00 )
  • (The maximum compensation amount for any one occurance is Kyats 50 Million (Ks. 50,000,000.00)

3. The premium can be calculated depending on the vehicle’s sum insured, Cubic Capacity, Uploaded passengers, private or commercial vehicle. For example, if the sum insured for a vehicle is Kyats 10 Million ( Kyats 10,000,000.00), the premium rating for that vehicle may be about 1.1% for private and about 1.6% for commercial vehicle. (Additional Cover – Acts of God, War risk, Theft, Nil Excess and including Windscreen value Kyats 100,000.00)

Myanma Insurance, Third Party Liability Insurance (Premin Rates)