Jun 3, 2013

IKBZ offers six different kinds of insurance coverage

International Kanbawza Insurance Company (IKBZ) launched insurance services yesterday and it is offering a total of six different kinds of coverage.

"IKBZ set up a 46 billion kyats capital investment in which 6 billion for life insurance and the rest for the others," the managing director Nyo Myint of the Kanbawza Group. He continued "More cash amount will be added for capital investment in the future.

The company is writing 6 different policies that are life, fire, surety bonds, transportation, cargo and money secure.

"Our life policy will cover snake bites, group life and athletic life," the principle office Tin Aye Win of the company said.

"The premium fees for the auto insurance will be priced based on auto licensing for commercial or personal use. A 10 million kyats worth auto's premium will be 160,000 kyats for commercial use vehicle and 80,000 kyats for personal use. Life policy can be purchased by a person who is age between 18 to 55 and healthy," the general manager Aung Soe Moe of the company said.

IKBZ was granted permission to operate insurance business in March. The office is located on Bosunpat Street in Yangon and the new office will be opened on Strand Street.

Source: Eleven Weekly Media