PICC life insurance may pay 9.6 million yuan for Air France

Yu Yan CBN yesterday learned from the Chinese People's Life Insurance Company Limited (hereinafter "PICC Life") that one of the 9 Chinese citizens missing from the Air France AF447 crash was an insurance client for the company. The person last year bought the insurance products of PICC life insurance, the insured amount is 240,000 yuan. According to the terms of the insurance product, if the customer has an aviation accident, will be able to obtain the maximum 40 times times insurance amount of compensation.　　According to this provision, if the customer confirmed the unfortunate death, will receive 9.6 million yuan insurance compensation--China's insurance industry in the history of the largest single personal insurance payment. CBN inquiries about the PICC Life insurance website learned that the insurance product is a dividend insurance annuity product, in the death insurance provisions, "adults over 18 years of age after the policy effective one year after the death or total residual disease, can be 10 times times the basic insurance coverage; As a result of non-aviation accidental injury within 180 days of death or total disability,　　can be protected by 20 times times the basic insurance coverage and 40 times times the protection of the basic insurance coverage due to the death or total residual of an aviation accident within 180 days.　　It is understood that PICC life insurance after the investigation and verification, confirmed that Air France flight in the crash of a missing person for the company's customers, then started a major insurance accident contingency plan, and set up a major insurance accident emergency team and major accident claims working group.　　A person in charge of PICC life Insurance said that the company's funds are ready to be in place, has been sent to deal with the accident claims service work. Since the reform of the aviation accident Insurance in 2007, the CIRC has encouraged insurance companies to develop alternative insurance products by aircraft or other means of transport to enrich the product system.　　At present, many insurance companies have developed a variety of comprehensive traffic accident insurance, but also in some personal insurance products with the addition of aviation accident insurance.　　If a Chinese citizen who is missing in the air crash is confirmed to have been killed, he will receive another payment in addition to the commercial insurance they have purchased. It is understood that this incident concerns the issue of damages in international air transport and will therefore be in accordance with the Montreal Convention. Under the Montreal Convention, the carrier's compensation limit is increased to 100,000 special drawing rights (about 135,000 United States dollars) when passengers are injured or not, irrespective of whether the carrier is responsible or not, and when the passenger casualties are caused by the carrier's liability,　　Travellers can also claim compensation for more than 100,000 special drawing rights. Experts believe that in the air transport damage compensation, the victims and their families, in addition to the carrier's compensation, but also the insurance company to bear the compensation, including the passenger purchase of commercial insurance.　　It is reported that if all the people on the missing passenger plane survived, then the crash of the total insurance limit will be as high as 1 billion U.S. dollars. It is understood that the missing Air France Airbus A330-200 is valued at about 100 million dollars. The insurer underwriting the airliner is Axa Corporate Solutions, a company of the AXA Insurance Group in France, and an insurance broker for the UK's JLT aerospace company.