Five MH370 Passengers Covered By Allianz Insurance

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KUALA LUMPUR, March 12 – Four Malaysians and one student from China onboard the missing MH370 aircraft had insurance coverage from Allianz Malaysia Bhd, said Chief Executive Officer Jens Reisch. He said four of the passengers had taken out life insurance policies while the other passenger had personal accident insurance. “At the moment, we don’t have the full official passengers’ list yet. What we have now is only their names, ages and nationalities.

“So, we cannot say for certain, but from the five (that we have) identified, we can confirm that they are our clients. “We (Allianz), at the moment are trying our utmost to reach and have contact with their families,” he said after briefing reporters on the global economic outlook, emerging markets and Malaysia, here Wednesday. Jens said Allianz would wait for the final outcome of the search and rescue mission before deciding on the next course of action. German-based Allianz confirmed on Monday that it was the lead insurer for the Malaysia Airlines’ Boeing 777-200ER jet, which vanished from the radar over the South China Sea on Saturday, and the liabilities attached to the passengers and cargo.

The company extended its sympathy to all those affected by the loss of flight MH370, and pledged to work closely with co-insurers to support its clients. While the insured value of the aircraft could amount to around RM328.11 million (US$100 million), the liabilities and compensation typically amounted to a far higher amount. MH370, en route from Kuala Lumpur to Beijing, was carrying 239 passengers including a 12-member crew on Saturday. The aircraft was scheduled to land in Beijing at 6.30 am the same day but was reported missing from the air traffic centre radar two hours after it took off from the KL International Airport.

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