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May 29, 2017

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Life insurance payouts could amount to NT$100 million

TAIPEI--Life insurance payouts for the victims of the TransAsia Airways plane crash could amount to NT$100 million (US$3.33 million), according to an estimate by the life insurance business Thursday.

The TransAsia turboprop plane crashed in the outlying island county of Penghu a day earlier, killing 48 and leaving 10 others injured.

It marked the most deadly aviation incident involving a Taiwan-based carrier since May 25, 2002, when a China Airlines passenger jet leaving from Taipei for Hong Kong crashed into waters near Penghu, killing all 225 people on board.

According to the insurance compensation estimate data, 19 passengers on the flight had bought life policies from Cathay Life Insurance under Cathay Financial Holding Co. Eighteen of them died and one was injured.

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