Union Life’s insurance payouts up 17.56 percent in Jan-May

Updated: 2011-07-04 16:51


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Union Life’s insurance payouts up 17.56 percent in Jan-May

Union Life’s insurance claims reached 99,000 cases and a total 90 million yuan was paid to claimants in the period January to May, 2011.

Compared with the same period last year, the number of cases has reduced by 6.68 percent from 106,000, but the value of claims has risen 17.56 percent from 76.9 million yuan.

According to Union Life staff, the number of claim cases dropped while claim values increased because people are increasingly more well-informed on insurance products and are choosing policies wisely.

Furthermore, growing incomes mean clients increasingly prefer to spend more on premiums to ensure more comprehensive insurance cover.

It is reported Union Life’s insurance claims cases hit 254,000 in 2010, with a total claim’s value of 190 million yuan.

The largest type of claims was for major disease insurance. Of these, claims for cancer represented more than 70 percent of all cases, and claims for hospital care costs represented more than 10 percent of the whole value.

In addition, 90 percent of claims were below 10,000 yuan.

The full text is available in the July Issue of China Insurance. Please visit E-Shop for more subscription details.