MH370: Malaysian Life Insurers paid over RM14.2 million in compensation payouts to next-of-kin
Malaysian life insurance companies make prompt payments and claims process easier
Kuala Lumpur, 8 May 2014: In view of the extraordinary circumstances surrounding the disappearance of the ill-fated Malaysian Airlines System (MAS) aircraft MH370, the life insurance companies in Malaysia had taken a consolidated and proactive approach in expediting the claims process of compensation payouts to the family members of passengers with life insurance on board MH370.
Payments have been and is being made to several next-of-kin over the past few weeks without having to go through the normal process.
The total amount of claims paid to the next-of-kin to date stands at approximately RM14.2 million out of a total exposure of RM18.7 million. A total of 184 policies were issued by life insurance companies in Malaysia. The balance of RM4.5 million claims are pending the official submission of documentation by the next-of-kin.
“We understand the grief of the family members and are ready to pay out faster and make it easier for the next-of-kin to make their claims. We had waived the requirement of death certificates, and setting this as a top priority, we have put in our best efforts to pay out claims within a week from the receipt of full documentation of the claimants,” said Vincent Kwo, President of Life Insurance Association of Malaysia (LIAM).
“We encourage family members to get in touch with the respective insurance companies and submit your claims. If you are unsure if your family member on board has purchased life insurance, you may contact LIAM Hotline at +603 26916628 which handles queries with regards to MH370 claims’ procedures,” said Mr Kwo.
On behalf of member companies of LIAM, once again we would like to express our support in light of the events that have unfolded for MH370, her crew and passengers on board. We would also like to commend the Malaysian Government, its various agencies, MAS and its international collaborators for their tireless search and rescue efforts. We hope that the search will come to an end and there will be answers everyone is looking for.” he added.
