KUALA LUMPUR, Jan 30 — Local insurers have already paid out a total of RM16.8 million to the next-of-kin of the passengers and crew members aboard Malaysia Airlines (MAS) Flight MH370, Life Insurance Association of Malaysia (LIAM) said.

The life insurance companies said that they have settled almost all life insurance claims payments to the families of victims of MH370 and that the amount was based on the sum insured.

“In light of the statement made by the Prime Minister of Malaysia on 24 March 2014, the life insurers have treated this incident as an extraordinary event and have waived all proof of death as early as March 2014 to process claims payments,” association in a statement here today.

Department of Civil Aviation director general Datuk Azharuddin Abdul Rahman yesterday formally declared the MH370 Boeing jetliner lost and all 239 passengers on board dead, finally allowing their families to proceed with the process of claiming damages.

Search operations have gone on for 327 days and were about one more shy of hitting the one year mark.

“LIAM would like to express our deepest sympathies to the family members and the next of kin of those on board MH370 and praise the Malaysian Government for their continuous efforts and commitment with the foreign counterparts namely China, Australia as well as others in the search, rescue and investigations of MH370 to bring closure to this unfortunate tragedy,” said the statement.

A total of 185 policies were issued by 14 life insurance companies in Malaysia. They are AIA Bhd, Allianz Life Insurance Malaysia Berhad, AmLife Insurance Berhad (formerly known as AmMetLife Insurance Berhad), AXA AFFIN Life Insurance Berhad, Etiqa Insurance Berhad, Gibraltar BSN Life Berhad (formerly known as Uni.Asia Life Assurance Berhad), Great Eastern Life Assurance (M) Berhad, Hong Leong Assurance Berhad, Manulife Insurance Berhad, MCIS Insurance Berhad (formerly known as MCIS Zurich Insurance Berhad), Prudential Assurance Malaysia Berhad, Sun Life Malaysia Assurance Berhad, Tokio Marine Life Insurance Malaysia Bhd and Zurich Insurance Malaysia Berhad.

On March 8 last year, Beijing-bound Flight MH370 disappeared with 239 people on board and remains missing till today, with months of searching failing to yield any clues of its resting place or debris.