U Aye Min Thein, Managing Director of Myanmar Insurance and Chairman of the Insurance Regulatory Body of Myanmar, announced at Sailor Life Insurance Agency’s compensation ceremony on 8 October that travel insurance compensation for visitors to Myanmar, which was previously only 2.5 million kyats, would increase to 10 million kyats.
“[Tourists] didn’t show much interest [in visiting Myanmar] in the past as the travel insurance [reimbursement] rates were so low,” said U Aye Min Thein.
“[Visitors] didn’t use to rely on travel insurance from Myanmar. They would usually purchase insurance in their home countries and would always be flown out of Myanmar if there was a medical emergency,” said U Hla Shwe, Managing Director of Dandaryi Travel Agency.
Both hope that this significant increase in compensation will draw more visitors to the country.
Tourists who want to purchase travel insurance from the Myanmar government will now have pay 500 kyats for a weeklong stay, 1,000 kyats for a two-week stay and 2,000 kyats for a month-long stay, and their insurance plans are specified to recompense at a rate of 500,000 kyats per unit (up to 10 million kyats).
source: Mizzima
http://www.mizzima.com/culture/travel-tourism/item/10306
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