MYANMAR Insurance paid out K4.02 billion to the insured farmers in six townships (Thayawady, Letpadan, Minhla, Moenyo, Gyobingauk and Oakpho) in Bago Region due to excess rainfall.

The Bago Region Chief Minister said so at the Handover ceremony of Crop insurance compensation held at Sayasan Hall in Thayawady on 6 October.

They will proceed to compensate for the flood-damaged paddy fields of the insured in cooperation with the relevant agriculture monitoring bodies.

He encouraged crop insurance programmes to help manage risk triggered by climate change with the weather index insurance for vulnerable farmers, he added.

Managing Director Dr Sandar Oo of Myanma Insurance explained about weather index insurance. With rainfalls exceeding the set index, K5.745 billion will be paid out to the crop insurance policyholders in Hinthada, Ayeyawady Region. Insurance coverage will be continued in other regions and states. Myanma Insurance will continuously provide crop insurance services for the interest of the farmers.

A Public-private partnership task force led by Myanma Insurance under the Ministry of Commerce is trying to help manage risk triggered by climate change with the weather index insurance for vulnerable farmers.

Afterwards, Managing Director U Min Thu of Myanma Agricultural Development Bank elaborated on the cooperation situation with Myanma Insurance for farmers to have crop insurance coverage.

After handing over the compensations to the insured in six townships, a farmer, on behalf of policyholders, also delivered a speech of gratitude at the event.

— NN/KK

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