MYANMA Insurance paid out K15 billion to the insured farmers across the country in 2024 depending on the rainfall level set by the Department of Meteorology and Hydrology.

Myanma Insurance has been providing crop insurance coverage to help manage risk triggered by climate change with weather index insurance for farmers. Vulnerable farmers holding insurance policies can cover yield loss or revenue loss due to unfavourable excess rainfall.

MI pays out compensations to crop insurance policyholders for both excess and deficit rainfalls according to their set level for the respective regions in upper and lower Myanmar.

Furthermore, they extended their service to flood-stricken farmers suffering loss. Insured farmers get compensated for yield loss from devastating floods as well.

More than 400,000 farmers have purchased weather-based index insurance for over 200,000 acres of monsoon paddy across the country and the majority of them are from Ayeyawady and Bago regions.

ASH/KK

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