New multimodal transport operators’ liability insurance introduced

Myanma Insurance has announced that a new type of insurance – Multimodal Transport Operators’ Liability Insurance – has been introduced and is available for purchase in the market starting 13 November.
The official market launch and public awareness ceremony was held on that day at its head office in Yangon. Union Minister for Planning and Finance Dr Kan Zaw attended the event and stated that multimodal transport operators face significant legal liabilities for the loss, damage, or delay of goods from the time transit begins until they reach the designated destination.
He added that this insurance has been systematically introduced to the market as an appropriate protective cover after research.
It was implemented through collaborative discussions and negotiations between Myanma Insurance of the Ministry of Finance and Revenue and the Myanmar International Freight Forwarders Association.
Dr Myo Min Kyi Win, managing director of Myanma Insurance, stated that the new insurance will contribute to domestic and international trade businesses with greater confidence and reliability.
Following a six-month trial period, strengths and weaknesses encountered will be reviewed, necessary adjustments will be made, and ongoing efforts will be pursued to ensure it becomes a truly beneficial insurance category. — TWA/ZN