Ping An paid out over 200 million cases in 2022

P&C claims had the most paid coverage with RMB194b.

Ping An Insurance paid an average of 600,000 cases daily in 2022, according to their report covering their annual insurance claims.

Its life insurance arm covered 4.1m cases, property & casualty (P&C) covered 190m cases, annuity paid for 16m cases, and its health unit covered 2.45m cases.

Total claims payments went over RMB280b (US$40b), a daily average of RMB770m (US$111m).

Ping An Life compensated about RMB79.6b (US$11.5b), which consisted of claims, maturity benefits, annuities, death and medical care benefits. It also included critical illness benefits of RMB20.1b (US$3b).

The sum of medical claims recorded was 3.76 million (10,000 daily claims).

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For Ping An P&C, claims paid reached RMB194b (US$28b), covering over 60m car owners and more than 5m cargo vehicles. Additionally, the P&C arm protected 40m and 6m in health and houshold property customers, accordingly. MSMEs ensured were 1.8m, whilst farmers ensured were 12m.

Ping An’s Annuity insurance covered RMB13.2b (US$2b) in claims. Driven by technology, Ping An Annuity recorded its fastest case settlement in five seconds and an average claims processing time of a day and a half.

The health insurance unit serviced 605,000 claims customers with a sum coverage of RMB4.5b (US$650m) in claims. The online claims rate averaged 97.7%.

(RMB1 = US$0.14)