Insurance companies have started processing the life insurance claims for families of passengers and crew on-board Malaysia Airlines (MAS) MH370 flight.
Life Insurance Association of Malaysia (LIAM) president Vincent Kwo in a statement on Thursday said, that this was being done by its 14 member companies "in view of special circumstances of this tragedy".
He added that the life insurance companies have agreed to accord "special priority in facilitating and expediting claims payment" and families can now file in the life insurance claims without having to wait for the death certificate.
“Once the proper claimant has been identified, payment can be processed within a week.
"As this tragedy involved many innocent lives, our LIAM member companies are committed to providing our best support and assistance to the family members during these difficult and emotional times," said Kwo.
LIAM expressed its heartfelt condolences to the family members and friends of the passengers and crew on- board MH370.
Earlier, initial checks indicated that 47 out of 50 Malaysians (comprising 38 passengers and 12 crew members) have life insurance policies with 14 life insurance companies in Malaysia.
It is ascertained that "some six non-Malaysians" are also insured with LIAM members, said Kwo.
LIAM is a trade association registered under the Societies Act 1966 which has a total of 16 members, of which 14 are life insurance companies and 2 life reinsurance companies.
LIAM said family members or next-of-kin of policyholders could contact LIAM at 03-26916628 or email [email protected] if they wish to find out which insurance company that their loved ones were insured with.
Astro Awani
Thu Mar 27 2014
Families of passengers and crew on-board MH370. -Filepic
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