MH370: Life insurers paid out MYR16.8m

Life insurance companies in Malaysia paid out MYR16.80mil in insurance claims to the next of kin of passengers and crew members on board Malaysia Airlines flight MH370.

The Life Insurance Association of Malaysia (LIAM) said recently the insurers had settled almost all life insurance claims payments, adding for life policies, the amount payable was based on the sum insured.

LIAM said following the statement by prime minister Datuk Seri Mohd Najib Tun Razak on March 24, 2014, life insurers had treated this incident as an extraordinary event. They said they had also 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.