Myanmar Insurers halt new disaster coverage after quake
Following the powerful earthquake on March 28, some insurance companies have temporarily stopped selling new disaster insurance policies, according to reports from potential buyers.
One individual who attempted to purchase a new disaster insurance policy said that several insurance companies declined their request. “They are only accepting renewals of existing policies, not new ones. I contacted many companies, and they all said they’ve paused new sales. There’s no information on when they’ll resume,” the person explained.
Disaster insurance typically covers homes, vehicles, and other properties. A car owner in Yangon also confirmed the situation, saying, “I went to inquire about insuring a vehicle, but they wouldn’t accept new policies—only renewals.”
An insurance agent noted that while many homeowners carry fire insurance, earthquake insurance is far less common. “Now, after the quake, a lot of people are asking about it. But if the house hasn't been sold by the company yet, there’s nothing we can do. It’s rare for people to have both earthquake and fire insurance.”
The agent explained that the temporary suspension of new policies is due to the current uncertainty and the potential risk of fraudulent claims. “Previously insured vehicles will still be compensated for any damage. Sales are paused now, but they will resume. Demand is expected to rise. Insurance is ultimately about peace of mind. I believe that after this event, people will rebuild stronger homes, and insurers will improve their services,” the agent added.
Eleven Media
Asia News Network
