State-owned Myanma Insurance (MI) has signed an agreement with domestic and foreign firms to provide insurance for buyers of government housing units, according to a report in Frontier. The article said that MI had signed a Memorandum of Understanding with domestic firm Shin Ye Htut Group, in an agreement that will also include Germany’s Hannover Re, International Risk Management Consultants (IRMC) of Malaysia and Japan’s Department for International Trade (DIT). The agreement will allow buyers of government houses to be protected by life and fire insurance, the article said, quoting MI director general Daw Sandar Oo. In 2011, the Ministry of Construction announced that it plans to build up to one million low- and medium-cost housing units nationwide by 2030. The insurance policies will be operated through Hannover Re, DIT will provide financing through the Construction and Housing Development Bank, while IRMC will “calculate the risk of the housing projects”, the article said.