In 2024, the annual payout of Chinese insurance companies exceeded 2.3 trillion RMB, and insurance contract disputes have also been frequently reported.
According to a report by “Financial World” on January 16, the latest data from the Financial World Swallow Research Institute’s big data system shows that in 2024, most insurance companies in China had significant claims situations. For example, People’s Insurance Company of China (PICC) Property and Casualty, representing property insurance companies, had the highest single claim payout of 3.739 billion RMB (for Typhoon “Capricorn” claim), while Ping An Life, representing life insurance companies, had the highest single claim amount of 245.1 million RMB. Looking at the annual claims data, China Life Insurance had claims totaling 60.39 billion RMB, Ping An Life had claims totaling 41.94 billion RMB, Sunshine Property Insurance had claims totaling 30.258 billion RMB, New China Insurance had claims totaling 15.2 billion RMB, and Taikang Life had claims totaling 9.5 billion RMB. The total annual payout of insurance companies nationwide exceeded 2.3 trillion RMB. Among them, disaster events topped the list of claims, followed by malignant tumors.
Furthermore, in 2024, insurance contract disputes arising from insurance claims were frequently reported among insurance companies. Zhonghong Life Insurance had 30 defendant cases due to insurance contract disputes throughout the year; other companies like ICBC-AXA Life, Great Wall Life, China Post Life, Minsheng Life, and Everbright Sun Life also experienced multiple insurance contract disputes due to claims.
After this news was released, it sparked discussion among netizens, with many criticizing insurance companies for frequently refusing claims for various reasons.
Some netizens shared their experiences, with one user mentioning that PICC Property and Casualty’s Lanzhou branch refused to compensate the insured person who was intentionally killed by someone, citing it as not an accidental injury. The family members lodged a complaint with the Gansu Banking and Insurance Regulatory Bureau, only to be told that they couldn’t intervene, leading the family to take the case to court.
Another netizen expressed that insurance companies have become “sophisticated” nowadays, not offering coverage for high-risk scenarios.
A netizen named “Pressure Cooker Cooking Rice” stated: “Nowadays, most insurance companies have canceled warehouse and factory fire insurance business because the overall environment is too poor.”