is human life worth $4000 ++??

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if there is a tragedy that i cant forget, its the MV princess of the stars tragedy (every filipinos knows about this) that happened almost 2 years ago. they were stranded at the middle of the sea with one of the worst typhoon to hit the country pummelling the ship until it capsized. the typhoon and the toxic cargo in the ship prevented immediate rescue operations that contributed to the number of casualties to the boat. almost 300 people died in that tragedy. the shipping company will shoulder the burial expenses plus PHP200000 plus (approx. $4000++) as incentives and they will give it to them as long as they don't file a case to the shipping company. it just came to mind that all those money spent in the victim's life is just worth that money. then it came to my mind that a human's life is just worth that money. any insights as well as related event?