KBZMS General Insurance has paid an initial compensation amount exceeding K2 billion in connection with the sinking of the MV ATK Nyein, the company announced.
Nine days after the cargo vessel MV ATK Nyein sank, KBZMS General Insurance made its first compensation payments to affected policyholders under its Inland Marine Cargo Insurance coverage.
At approximately 11:30 am on 8 July, the MV ATK Nyein sank in Ye Township, Mon State, due to adverse weather conditions. The vessel went down about 27.5 nautical miles west of Kalegauk Island. Relevant maritime and administrative authorities subsequently declared the vessel a total loss and confirmed that all cargo on board was irretrievable.
Following confirmation of the incident, KBZMS immediately initiated the claims process and worked closely with policyholders, agents, surveyors, and relevant authorities to expedite the verification and settlement of claims.
On 17 July, the first portion of compensation was paid to three affected policyholders in Yangon. Compensation payments to the remaining eligible policyholders in Myeik are ongoing.
“Our Inland Marine Cargo Insurance is designed to provide customers with the financial protection they need when unexpected events affect their businesses. Providing timely financial support helps our customers regain confidence and continue growing their businesses,” said U Sai Lu Mon Aung, Chief Executive Officer of KBZMS.
KBZMS has a track record of timely claims settlement under its domestic marine cargo insurance policies. In 2023, the company paid more than K700 million in compensation for the total loss of cargo aboard the MV Kyal Lin Phyo, which was transporting goods from Yangon to Myeik. — ASH/MKKS
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