Chinese insurance agencies have fast-tracked an emergency system to deal with the claims from policy holders thought to be on board the Malaysia Airlines plane that vanished en route to Beijing on Saturday.

By Saturday night, the country's major insurers had found more than 70 policy holders on the plane, with the insurance coverage expected to exceed 20 million yuan ($3.2 million).

All these insurers have launched 24-hour hotlines and set up a line to deal with any consulting or claims concerning the incident. The location and status of the plane were still unknown at this time.

"Once the identity of the policy holder is confirmed, we will quicken the payment process by simplifying the procedure and let the client get the claims first," said a spokesperson of Taikang Life Insurance Co Ltd.