Malaysian life insurance companies have paid out RM14 million in compensation payments to the family members of insured passengers onboard missing Malaysia Airlines Flight MH370.
Life Insurance Association of Malaysia (LIAM) president Vincent Kwo said Malaysian life insurance companies had put in a consolidated effort to expedite the claims of the passengers’ next of kin.
fz.com reports that payments had been and were in the process of being made to several of the next of kin over the past few weeks, bypassing the usual processes and procedures.
“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 in claims is pending the official submission of documentation by the next of kin,” he said in a statement.
Kwo said LIAM affiliates understood the grief of the family members, and were ready to pay out faster and make it easier for claims to be processed.
“We have waived the requirement of death certificates, and setting this as a top priority and we have put in our best efforts to pay out the claims within a week from the receipt of full documentation of the claimants.
“We encourage family members to get in touch with the respective insurance companies and submit your claims. If they are unsure if their family members onboard had purchased life insurance, they may contact the LIAM hotline at 03-26916628 which handles queries on MH370 claims’ procedures,” he said.
