MH370: LIAM Member Companies have paid over RM16.9 million in claims payments to next-of-kin
Kuala Lumpur, 6 August 2015: The life insurance companies in Malaysia have settled all claims payments to the next–of-kin of passengers and crew members onboard MH370. As at December 2014, a total of RM16.9 million was paid to the families.
“Following the statement made by the Prime Minister of Malaysia on 24 March 2014, the life insurers treated the incident as an extraordinary event and waived all proof of death documents typically required to process claims payments,” said Toi See Jong, President of LIAM.
“A total of 185 policies were issued by 14 life insurance companies in Malaysia, namely AIA Bhd., Allianz Life Insurance Malaysia Berhad, AmLife Insurance Berhad (formerly known as AmMetLife Insurance Berhad), AXA AFFIN Life Insurance Berhad, Etiqa Insurance Berhad, Gibraltar BSN Life Berhad (formerly known as Uni.Asia Life Assurance Berhad), Great Eastern Life Assurance (M) Berhad, Hong Leong Assurance Berhad, Manulife Insurance Berhad, MCIS Insurance Berhad (formerly known as MCIS Zurich Insurance Berhad), Prudential Assurance Malaysia Berhad, Sun Life Malaysia Assurance Berhad, Tokio Marine Life Insurance Malaysia Bhd. and Zurich Insurance Malaysia Berhad,” added Toi.
In response to the statement by the Prime Minister, YAB Dato’ Sri Najib bin Tun Razak this morning confirming that the debris found in the Indian Ocean island of Reunion is from the ill-fated flight, LIAM would like to express our deepest sympathies to the family members of those onboard MH370.
LIAM commends the efforts of the Malaysian Government and the 26 countries which were involved in the largest search in aviation history. Today’s confirmation will finally help to bring closure to the families involved in this unfortunate tragedy.
