The local epidemic situation is heating up rapidly, and the number of epidemic prevention insurance policies has increased sharply recently. The latest statistics of the Financial Supervisory Commission today (12), due to the increase in isolation and the number of confirmed cases, from today (2022) to yesterday, the cumulative amount of claims for epidemic prevention insurance policies has reached 617 million Yuan. In terms of the number of insured pieces, 1.913 million pieces of epidemic prevention policies have been sold, and the premium income has reached 1.214 billion yuan. In terms of the number of insured pieces, it is equivalent to selling more than 20,000 pieces a day. At this rate, it is expected that more than 2 million pieces can be sold this week. .
As of April 11 this year, 19 insurance companies have issued anti-epidemic policies, with a total of 81 policies on the market, including 49 general statutory infectious disease anti-epidemic policies and 32 vaccine policies. The total number of epidemic prevention policies covered reached 1.913 million, of which 1.194 million were sold for general statutory infectious disease prevention insurance, and 719,178 for vaccine insurance.
The overall premium income totaled 1.214 billion yuan, the general statutory infectious disease prevention insurance accounted for 919 million yuan, and the vaccine insurance premium income was 295 million yuan.
The overall number of claims reached 12,614, and the accumulative amount of claims reached 617 million yuan. The number of claims for general statutory infectious disease prevention insurance alone amounted to 11,026, with a claim amount of RMB 559 million; while the number of claims for vaccine insurance was 1,588, with a total claim amount of RMB 58.209 million.
The Insurance Bureau stated that the rapid increase in claims for general epidemic prevention policies is mainly due to the continued spread of the epidemic this year, and various property insurance companies have previously introduced isolation to settle claims, which has led to an increase in the claim amount.
Recently, the number of confirmed cases in quarantine has been increasing every day. Since the quarantined people are still in quarantine, it is estimated that after the quarantine is released, the number of applications for quarantine claims will also explode in the future. Therefore, the epidemic prevention policy may have a loss rate exceeding 100, that is, claims settlement. The amount exceeds the premium income.
Due to the heating up of the epidemic, there are currently four epidemic prevention policies with premium income exceeding 10 million yuan, namely, “Pandemic Support You Project (8+3)” from Hetai, “Pandemic Health 3.0 Project” from Tai’an, and China Trust Property Insurance’s “Epidemic Prevention 345 Project”, and Xin’an Tokio Marine Property Insurance’s 666 yuan epidemic prevention and isolation insurance.
Since each company has set the underwriting capacity first, if the capacity of each company is exceeded, sales will be stopped. It is understood that the “Epidemic Support You Project (8+3)” launched by Hetai Property & Casualty Insurance will be removed from the shelves on May 1 due to consideration of risk appetite.
In addition, in response to changes in the trend of the epidemic, the command center has issued “Guidelines for Home Care Management of Confirmed Cases of COVID-19”. The Insurance Bureau stated that it has invited relevant insurance industry associations to invite collectors to refer to the latest guidelines, and to review the terms of the epidemic prevention policy. After that, it is expected to complete the response measures for epidemic prevention policy claims within 2 weeks.
