Malaysian insurers make claims process easier

In view of the extraordinary circumstances surrounding the disappearance of the ill-fated Malaysian Airlines 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 are 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 date stands at approximately MYR14.2 million out of a total exposure of MYR18.7 million.  A total of 184 policies were issued by life insurance companies in Malaysia. The balance of MYR4.5 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) in a local news source.