STATE-RUN Myanma Insurance paid out millions of kyats in compensation on November 27 for marine cargo insurance.

The company made payments to four people who lost consumer products when the cargo vessel Aung Thein Myint sank in rough weather conditions in August near the town of Ye in Mon State.

The beneficiaries – U Thein Nyi, U Maung Maung Lwin, U Aung Thurein and U Ba Tint – received marine cargo insurance compensation of more than K37 million, more than 13 million, K8 million and K3.2 million, respectively.

Myanma Insurance also paid K22 million to U Kyaw Htay, who lost bags of fertiliser when another cargo ship, Phyo Win Yadanar, sank on August 31 in the same area, also in stormy weather.

Last week the company paid out more than K8.2 million in compensation for comprehensive motor insurance and third-party insurance.

Myanma Insurance has paid out more than K100 million in compensation for injury and life insurance since the current financial year began on April 1.