Magazine date:
Mar 2014 The instructions given by the various federations of insurers about compensation of Flight MH370 differ across countries.
The China Insurance Regulatory Commission (CIRC) has immediately issued a circular asking insurers to accelerate the procedures for the compensation to the families of the missing. Among the 239 passengers on Flight, 147 were policyholders of Chinese insurers.
In Hong Kong, Tam Chung-Ho, director of the Federation of Insurers (HKFI) asserts that no guideline was given, leaving the choice to companies to compensate the families or not, even without concrete evidence of crash.
On his side, Ulrich Wallin, CEO of Hannover Re estimates that the disappearance of Flight MH370 could cost 41.7 million USD to the German reinsurer.