YANGON, Myanmar – Myanmar is planning to introduce travel insurance services among foreign visitors in view of dramatic increase in tourist arrivals, official media reported Sunday.
The number of application for travel insurance is still low in Myanmar, the New Light of Myanmar quoted a private insurance firm as saying.
Tourists to Myanmar are recommended to buy travel insurance by paying the premium for one unit of cover which is 500,000 Kyats ( $510 ). For one-week duration is 500 Kyats (51 US cents).
Tourist insurance buyers will get compensation in the events of death or injury caused by accident while traveling with any conveyance based on the extent of units bought, the report said.
Private companies have been allowed to operate insurance services since 2012 and so far 24 such companies have been engaged in the undertakings during the past two years, the Ministry of Finance was quoted as saying.