It is reported that AXA Insurance Singapore, which initially rejected any payout to the family of Chinese national Ma Chi who died in a deadly Ferrari crash last May along with two others, has settled with his estate.
According to Business Times, In addition to settling all financial claims between the parties, “all third-party victims or their families will receive due compensation, which is not compromised in any way”, AXA Insurance will also “not look towards” Mr Ma’s estate for any payment of compensation made to the third-party victims or their families.
Following the settlement, the parties will have no further claims against each other, the statement said. All other terms including settlement sums are confidential.
I am glad that the case is quickly settled as what most people would have wished. The impact of this precedent to motor insurance industry will yet to be seen.