Life insurance companies paying out millions

LIFE insurance companies on the island will be paying around £4 million for all the relatives of the victims of Helios Airways flight ZU522, which crashed in Greece on August 14, killing all 121 passengers and crew members on board.

The Life Insurance Company Union in Cyprus has already reported 92 cases where victims were covered for life insurance. Various insurances will pay out a total of around £3,417,000, a figure which remains provisional. Out of the 92 cases, 34 are people that took out family life insurances amounting to a total of £1,085,000, while the other 58 took out individual life insurances on themselves amounting to a total of £2,332,000.

The families of the crew members on board that fateful flight will be paid between £1,000 and £40,000 in life insurance.

Sources from the Union have said this is the first time that all the major insurance companies will be handing out such a high payout simultaneously, adding that the fact that 12 insurance companies are involved means that no single insurance company will be dealt a major financial blow by the claims.

Meanwhile insurances companies have called on families to find out if and with what insurance company their loved ones were with so that claims can be made.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.