MH370: LIAM Member Companies have paid over RM16.8 million in claims payments to next-of-kin
Kuala Lumpur, 30 January 2015: The Life insurance companies in Malaysia have settled almost all life insurance claims payments to the next of kin of passengers and crew members on board MH370. The total sum paid out to date is RM16.8 million. For life policies, the amount payable is based on the sum insured.
In light of the statement made by the Prime Minister of Malaysia on 24 March 2014, the life insurers have treated this incident as an extraordinary event and have 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 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.
In response to the statement by the Director General of Department of Civil Aviation, Datuk Azharuddin Abdul Rahman yesterday on the ill-fated flight, LIAM would like to express our deepest sympathies to the family members and the next of kin of those on board MH370.
LIAM would also like to praise the Malaysian Government for their continuous efforts and commitment with the foreign counterparts namely China, Australia as well as others in the search, rescue and investigations of MH370 to bring closure to this unfortunate tragedy.
