Zhongxin Finance, March 28 (Gong Hongyu) After 6 days of full search and rescue, the National Emergency Response Headquarters of the "3.21" China Eastern Airlines MU5735 aircraft flight accident confirmed on the evening of the 26th that all personnel on China Eastern Airlines flight MU5735 were killed.

  According to Xinhua News Agency, on the afternoon of the 27th, Liu Xiaodong, director of the propaganda department of China Eastern Airlines Group, said at the eighth press conference of the National Emergency Response Headquarters of the "3.21" China Eastern Airlines MU5735 aircraft flight accident that the company has officially started the compensation work.

  What insurance is involved in the flight accident of China Eastern Airlines MU5735 aircraft?

Which insurance company covered the crashed flight MU5735?

How to make compensation for victims?

On March 27, at the rescue scene of China Eastern Airlines flight MU5735 in Teng County, Wuzhou, Guangxi, rescuers lined up to enter the core area.

Who covered MU5735?

  "There are four main types of insurance purchased by airlines, including airframe and spare parts all risk and its liability insurance, airframe war risk, war liability excess compensation and airframe deductible insurance. Outside the company, all aircraft are insured by the large insurance policy of the civil aviation fleet, including the above four types of insurance." The relevant person in charge of an insurance company introduced.

  According to the verification, the plane crashed by China Eastern Airlines was underwritten by the chief insurance of China Eastern Airlines; Ping An Property & Casualty Guangdong Branch and others jointly insured all risks and liability insurance for the fuselage of China Eastern Airlines MU5735; insurance.

  What is "co-insurance"?

Wang Guojun, a professor at the School of Insurance at the University of International Business and Economics, told Zhongxin Finance that due to the high insured amount of fuselage insurance, it is often difficult for a company to undertake it, and multiple companies are required to jointly underwrite it.

In co-insurance, there are chief underwriting and documentary underwriting.

  Regarding the possible situation of underwriting and compensation for the crashed flight of China Eastern Airlines, Wang Xujin, director of the Insurance Research Center of Beijing Technology and Business University, believes that if it is an insurance liability, if there is no deductible, the insurance company should pay the airline according to the total loss of the fuselage.

  According to industry insiders, the Boeing 737-800 model of the crashed passenger plane of China Eastern Airlines was quoted at about US$80 million from the factory.

Taking into account the depreciation of flight time, the compensation amount of the co-insurer and its reinsurer alone will reach hundreds of millions of RMB.

There are flowers on site for the families of passengers.

Photo by China News Agency reporter Wang Yizhao

How to make compensation for victims?

  The compensation for a crash usually consists of two parts, one is the compensation borne by the airline, and the other is the compensation borne by the insurance company.

  According to the "Regulations on the Limitation of Liability of Domestic Air Transport Carriers" issued in 2006, the limit of liability for compensation for each passenger is RMB 400,000; The limit of liability for the baggage and the goods transported is RMB 100 per kilogram.

  However, Wang Xujin pointed out that this amount has already been exceeded in the actual compensation.

Wang Guojun also said, "In the early years, the amount of accident compensation for passengers in my country was relatively low compared to foreign countries, but the gap has narrowed in recent years."

  Liu Xiaodong said at the press conference that he will fully respect the reasonable demands of the family members in accordance with relevant national laws and regulations, communicate with the family members about the details of the plan, formulate a compensation plan, and determine a unified compensation standard.

  "It is mandatory for airlines to compensate passengers for accidents, and part of the compensation is borne by the insurance company insured by the airline." Wang Guojun pointed out, which is often referred to as "aviation liability insurance" in the industry.

  For example, an insurance company that co-insured MU5735 has an airline passenger statutory liability insurance clause that shows that due to an accident when a passenger gets on or off the plane, causing personal injury or death to the passenger or loss of the luggage and objects that have been carried and checked in, according to Liability by law or deed to be borne by the insured.

The family members of the passengers used clay pots to bring the soil from the scene home.

Photo by China News Agency reporter Wang Yizhao

  In addition to aviation liability insurance, a relevant person from a large insurance company said that if passengers have purchased comprehensive accident insurance, aviation accident insurance, etc., they will receive insurance compensation according to the specified amount of compensation.

Generally speaking, insurance with death liability, such as critical illness insurance with death liability, can apply for compensation. If passengers purchase multiple products with death liability at the same time, they can get superimposed compensation under the conditions of claim settlement.

  Zhongxin Finance has noticed that most booking platforms have aviation accident insurance combined with the sale of air tickets. Many airlines also sell aviation accident insurance on their official websites or offline channels. The price of single aviation accident insurance ranges from 20-50 yuan.

The relevant aviation accident insurance clauses sold by a ticketing platform show that passengers who die in an aviation accident can be compensated up to 3 million yuan.

  "The probability of an aviation accident happening is extremely small. Once it happens, it means a very high amount of compensation. The entire insurance industry's compensation for personal accident death may reach the level of 100 million yuan." A relevant person in charge of a life insurance company said.

How long does it usually take for compensation to arrive?

  Wang Xujin introduced to Zhongxin Finance that, generally speaking, the insurer should make an assessment in a timely manner after receiving the compensation request from the insured or beneficiary; if the situation is complicated, it should make an assessment within 30 days; Within ten days after reaching a compensation agreement with the insured or beneficiary, perform the compensation obligation.

  According to Liu Xiaodong's introduction on the 27th, the company has set up a full-time team to be responsible for the claim settlement, set up a special claim settlement line for family members, and actively conducts online or offline communication and negotiation with family members in accordance with the principle of being close to family members.

  After the accident, on March 22, the China Banking and Insurance Regulatory Commission issued a document requesting that it do its best to provide insurance claims services for the crash of China Eastern Airlines.

"Instruct all insurance companies to establish green channels for claim settlement, simplify claim settlement procedures and materials, and optimize claim settlement services." "All insurance companies follow up the progress of accidents in a timely manner, take the initiative to investigate the information of underwriting customers, and under the premise of fully respecting the wishes of customers' families, provide appropriate Ways and time to carry out service work, fulfill policy commitments, and do a good job in comforting customers’ families.”

  At present, 21 insurance institutions have urgently launched on-site surveys and participated in rescue, and more than 60 insurance companies have issued statements to activate the emergency mechanism for major accident claims and actively investigate customer insurance policies.

For example, Ping An said it had received a total of 24 related reports.

Among them, Ping An Life Insurance received 13 relevant reports, Ping An Annuity Insurance received 7 relevant reports, Ping An Property & Casualty Insurance received 3 relevant reports, and Ping An Health Insurance received 1 relevant report.