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Chinese insurers pay compensation to relatives
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CHINESE insurance companies told Xinhua today they have begun paying compensation to the families of passengers aboard the missing Malaysia Airlines flight MH370.
The companies said compensation work was immediately launched after Malaysian Prime Minister Najib Razak said late on Monday that the flight "ended" in the southern Indian Ocean, even though no concrete evidence or full information has supported this conclusion yet.
China Life, the country's largest insurance company, said it has 32 clients on board the flight and estimated its total compensation at around 9 million yuan (US$1.46 million). The company had paid 4.17 million yuan in compensation to families of seven clients by Tuesday.
"China Life is deeply grieved at the news and will ensure compensation and all other related services are fully implemented," a company spokesman said.
Shanghai-based China Pacific Insurance Co Ltd said that as of yesterday it had offered its first compensation payment worth 525,000 yuan.
Meanwhile, Sunshine Insurance told Xinhua it has compensated 500,000 yuan for a family of three, including Mr Hu, his wife and daughter, who were all aboard the flight. The compensation stemmed from welfare insurance that his employer offered him, the insurer said.
New China Life Insurance Co Ltd estimated its compensation will top 1 million yuan for its nine clients on board the flight.
Tuo Guozhu, professor at School of Insurance and Economics under the University of International Business and Economics, said passengers will have access to three kinds of compensation, including those paid by airline companies, personal accident insurance, and other life insurance that carries compensation liability for deaths.
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