Kuala Lumpur: Malaysian life insurers have paid over RM14.2 million (US$4.3m) in compensation payouts to the family members of passengers with life insurance onboard the missing Malaysia Airlines plane, Flight MH370.
Life Insurance Association of Malaysia (LIAM) president Vincent Kwo said that life insurance companies in Malaysia had taken a consolidated and proactive approach in expediting the claims process of compensation payouts to the next of kin.
He said payments had been and were being made to several next of kin over the past few weeks without having to go through the normal process.
Kwo said,”The balance of RM4.5 million in claims is pending the official submission of documentation by the next of kin.”