Taiwan Insurers to Pay US$80.9m to Plane Crash Victims

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Last updated at: (Beijing Time) Thursday, May 30, 2002

Taiwan Insurers to Pay US$80.9m to Plane Crash Victims

Taiwanese insurance companies will pay some 2.77 billion dollars (80.9 million US) in compensation to victims of the China Airlines (CAL) plane crash at the weekend, industry sources said Thursday.

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Taiwanese insurance companies will pay some 2.77 billion dollars (80.9 million US) in compensation to victims of the China Airlines (CAL) plane crash at the weekend, industry sources said Thursday.

Twenty-two life insurance firms were estimated to pay 1.74 billion dollars while 14 other non-life insurance companies would pay 1.03 billion dollars to the insured on board the doomed flight CI611 from Taipei to Hong Kong, local insurance company associations said.

The companies included Cathay Life Insurance Co., Nan Shan Life Insurance Co., Kuo Hua Life Insurance Co., Shin Kong Life Insurance Co., Fubon Insurance Co. and Mingtai Fire and Marine Insurance.

The payment is to cover the various insurance policies purchased by individuals on the Boeing 747-200 plane, but it does not include payment to CAL which has hull and liability insurnace for the plane in nine local insurers.

They included Shin Kong Fire and Marine Insurance Co., Taian Insurance, Union Insurance Co., Mingtai Fire and Marine Insurance Co., and Taiwan Fire and Marine Insurance Co., the associations said.

The plane, with 225 people on board, was said to have broken up mid-flight and plunged into the Taiwan Strait Saturday about 20 minutes after taking off from Chiang Kai-shek International Airport.

CAL also has reinsurance with foreign insurance firms, the associations added.

No survivors have been found despite a frantic search, with 95 bodies retrieved.

An investigation into the cause of the tragedy has been launched jointly by experts from Taiwan and the United States.

CAL will negotiate with relatives of the victims on the compensation payment.

The air carrier paid 9.9 million dollars in compensation to each of 222 people killed in the crash of an Airbus A300-600 near Taipei's internaitonal airport on February 16, 1998.

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