MH370: Life insurers in Malaysia paid out $6.25 million

MH370: Life insurers in Malaysia paid out $6.25 million

KUALA LUMPUR - Life insurance companies in Malaysia paid out RM16.80 million (S$6.25 million) in insurance claims to the next of kin of passengers and crew members on board Malaysia Airlines flight MH370.

The Life Insurance Association of Malaysia (LIAM) said on Friday the insurers had settled almost all life insurance claims payments, adding for life policies, the amount payable was based on the sum insured.

LIAM said following the statement by Prime Minister Datuk Seri Mohd Najib Tun Razak on March 24, 2014, life insurers had treated this incident as an extraordinary event. They said they had also waived all proof of death as early as March 2014 to process claims payments.

A total of 185 policies were issued by 14 life insurance companies in Malaysia.

They are AIA Bhd., Allianz Life Insurance Malaysia Bhd, AmLife Insurance Bhd (formerly known as AmMetLife Insurance Bhd), AXA AFFIN Life Insurance Bhd, Etiqa Insurance Bhd, Gibraltar BSN Life Bhd (formerly known as Uni.Asia Life Assurance Bhd).

The others are Great Eastern Life Assurance (M) Bhd, Hong Leong Assurance Bhd, Manulife Insurance Bhd, MCIS Insurance Bhd (formerly known as MCIS Zurich Insurance Bhd), Prudential Assurance Malaysia Bhd, Sun Life Malaysia Assurance Bhd, Tokio Marine Life Insurance Malaysia Bhd and Zurich Insurance Malaysia Bhd.

LIAM said in response to the statement by the Director General of Department of Civil Aviation, Datuk Azharuddin Abdul Rahman on Thursday on the ill-fated flight, LIAM expressed its deepest sympathies to the family members and the next of kin of those on board MH370.

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