The Internet-based insurance business continues to grow, as companies leverage technology and the high penetration rate of the Internet to reach more consumers.
ZhongAn Online P&C Insurance Co. Ltd. (ZhongAn Insurance, 6060.HK, Chinese: 众安保险) released its 2022 Annual Claims Report on January 9. The annual report shows that ZhongAn Insurance served 166 million customers in their insurance claims in 2022. A total of 428 million claims were paid out and the payout amount in 2022 amounted to over CNY 11.9 billion (USD 1.75 billion).
Two features were observed from the 2022 claims data. Firstly, the number of outpatient and emergency treatment claims has increased significantly, with the number of claims increasing by more than 10 times year-on-year. Secondly, with the expansion of coverage of insurance products, the use of and demand for new medical treatments by consumers is also increasing.
ZhongAn Insurance, founded on November 6, 2013, is China's first Internet-based insurance company. It was listed on the Main Board of the Hong Kong Stock Exchange on September 28, 2017. Headquartered in Shanghai, ZhongAn Insurance's business revolves around four categories: health, daily digital use, consumer finance, and automobile, providing customers with customized new insurance.
ZhongAn Insurance has a market capitalization of HKD 38 billion and its share price stood at HKD 26.40 as of press time.