U Soe Win Thant (Director from Global World Insurance Company) created crop insurance on October, 2016 and has been given knowledge sharing to the farmers.
In Myanmar Country, the insurance industry is working out in 12 companies among them Myanma Insurance is working 27 types of product, private insurance companies are working 13 types of general insurance including life insurance. But it does not include Crop Insurance that created by Global World Insurance.
Insurance Business Regulatory Board (Naypyidaw) allowed Global World Insurance Co.,Ltd to do crop insurance as 2 years pilot project in Yangon, Mandalay, Magway, Ayarwaddy divisions on January 31, 2018.
According to the project, field at Magway and Ayeyarwady Region among the first (6) month in 2018.
During the pilot project will perform work proposal forms, premium rates, policy, receipt insurance, check and issue compensation systems.
During the first 6 months as a pilot project, we shared 3 times at the television programs, 3 times at the FM radio, Newspaper & Journals described articles through Media about crop insurance knowledge.
Talked to Magway villages about crop insurance together representative of Magway Region People Hluttaw U Hla San and representative of Magway Region Hluttaw Daw Khin Cho Latt.
By leading of Magwe Region Prime Minister Dr. Aung Moe Nyo and government officers held meeting, He satisfies about crop insurance system and to prepare of MOU, to integrate with the relevant departments and he recommended Pwint Phyu, Aung Lan, Nat Mauk Myothit Township to do as pilot project area on 26-3-2018.
By leading the governments of Prime Minister U Hla Moe Aung, relevant departments discussed about of crop insurance as pilot project on 8-5-2018.
On 24-5-2018, discussed with the administrator of Hinthada Region U Than Naing Oo and farmland management committee of Hinthada Township .
On 3.6.2018, We held workshop about crop insurance at general officer department of Hinthada township and attended representatives of Ayeyarwaddy Region Hluttaw, District Administrator, Township Administrator and relevant departments, farmer more than 400 representatives from 120 village tract.
On 30-7-2018, meeting with Magway Region Government Officers and Minister of Agriculture & Livestock U Win Maw Tun who is interested in pilot project of crop insurance.
Ayeyarwaddy Region, Deputy Manager U Htay Lwin from the Department of the Agriculture helped & organized the farmers who are interested of crop insurance in Hinthada Township.
On 17.8.2018 , giving policy of crop insurance to 37 farmers of Pathein, Kangyidaung, Hinthada and Hlaputtar and the ceremony of agriculture loan at Pathein, Ayeyarwaddy Region
On 18th December 2018, Union minister Doctor Aung Thu and party of Agriculture & Irrigation ministry have received and listened to GWI regards with Crop Insurance presentation at Naypyitaw.
Only paddy (Raining & Summer) can be insured, term of insurance is (1) year.
The person who insured based on the average yield per acre can be calculated. The premium rate is (2%) of the sum insured. Premium must be paid before planting paddy at least 30 days.
Now, it is a simple insurance system based on the Yield per Acre. If decline of crop yields due to climate change (or) destruction of crops yields than compensated by the agreement values with market prices.
By leading of IBRB (Insurance Business Regulatory Board), corporate with Department of Agriculture, Meteorology & Hydrology Department, General Administration Department, Private Insurance Companies, Insurance Agent and if we need to corporate with successful Foreign company of crop insurance experience.