STATE-RUN Myanma Insurance has paid out just K16.5 million in compensation to businesses affected by the February 26 fire that destroyed the four-storey Yadanarbon Market, Mandalay’s largest commercial district.

Only two businesses, as well as the Sky Walk Shopping Mall building, were covered by fire insurance policies, according to Dr Mg Maung Thein, the general manager of Myanma Insurance. The total damage caused by the blaze has been conservatively estimated at several billion kyats.

He said the Sky Walk Shopping Mall had a fire insurance policy with Myanma Insurance, which was underwritten by a Malaysia-based company.

“Sky Walk Shopping Mall carried a US$3 million fire insurance policy through a Malaysian insurance company. The policy covered the shopping mall building but not the shops inside. It is now being processed but because the company is based overseas it may take a long time for them to receive compen-sation,” he said.

The other beneficiaries were U Ye Naing Computer Accessories and Lucky Bird Computer, which received compensation of K10 million and K6.5 million respectively, he said, adding that Lucky Bird has not as yet collected their compensation.

He said one particularly unlucky company was Relax Business Group, which sold furniture and machinery. The company let its fire insurance policy lapse two months ago.

“The company carried more than K222 million in fire insurance but two months ago their policy expired and they decided not to renew, so they can’t get any compensation,” Dr Mg Maung Thein said.