India to help Myanmar in insurance laws

Naypyidaw (Myanmar), June 7 (IANS) The General Insurance Corp of India (GIC) will assist Myanmar authorities in amending laws related to insurance and reinsurance and in expanding insurance services in the country, authorities said here on Thursday.

Reinsurance is the practice of insurers transferring portions of risk portfolios to other parties by some form of agreement to reduce the likelihood of paying a large obligation resulting from an insurance claim, Xinhua news agency reported.

It is also known as an insurance for insurers.

In accordance with the agreement signed by the two sides, the GIC will provide assistance to Myanmar authorities.

At present, Myanma Insurance offers 29 types of insurance including those related to health, car, homeowners, life and disability.