KUALA LUMPUR: A total sum of RM16.8million were paid out for all life insurance claims payments to the next of kin of passengers and crew members on board Malaysia Airlines flight MH370 to date.
Life Insurance Association of Malaysia (LIAM) in a statement today said that the life insurance companies in the country have settled almost all life insurance claim payments.
LIAM said for life policies, the amount payable is based on the sum insured.
LIAM said life insurers had waived all proof of death since March last year to process claims payments.
LIAM said life insurers have treated the incident as an extraordinary event following the statement made by Prime Minister Datuk Seri Najib Razak on March 24 last year that the missing flight ended in the southern Indian Ocean.
It said a total of 185 policies were issued by 14 life insurance companies in the country.
The companies were AIA Bhd, Allianz Life Insurance Malaysia Bhd, AmLife Insurance Bhd, AXA AFFIN Life Insurance Bhd, Etiqa Insurance Bhd, Gibraltar BSN Life Bhd, Great Eastern Life Assurance (M) Bhd, Hong Leong Assurance Bhd, Manulife Insurance Bhd, MCIS Insurance Bhd, Prudential Assurance Malaysia Bhd, Sun Life Malaysia Assurance Bhd, Tokio Marine Life Insurance Malaysia Bhd and Zurich Insurance Malaysia Bhd.
LIAM also expressed its deepest sympathies to the family members and next-of-kin of those onboard MH370 in response to Department of Civil Aviation director-general Datuk Azharuddin Abdul Rahman statement declaring the disappearance of MH370 as an accident.
LIAM also extended its praise to the Malaysian Government for ongoing efforts and commitment with China, Australia and other countries involved in the search, rescue, and investigations of MH370 to bring closure to the tragedy.