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Missing Plane: Insurers start payouts to victims’ relatives

Chinese insurance companies have started to pay compensation to families of passengers on the lost Malaysia Airlines flight MH370, a news report said on Thursday.

The companies started the process of paying out to policy holder’s relatives after Malaysian Prime Minister Najib Razak said the flight was lost.

He said for the first time on Monday that the flight was to be considered lost in the southern Indian Ocean, Beijing’s Xinhua news agency said.

The majority of the plane’s passengers were Chinese.

Thirty-two of them had policies with China Life, the country’s largest insurance company, which said it was facing total compensation payments of 1.46 million dollars, the report said.

Other major insurers also said they had started to pay out to beneficiaries of the policies held by clients on the missing aircraft.

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