Hangzhou-based Sinatay Life Insurance Co., Ltd. (信泰人寿保险股份有限公司) saw a sharp rise in pay outs in 2019.
Sinatay recently issued its 2019 Life Insurance Claims Annual Report, indicating that it accepted over 5,200 claims in 2019, for a YoY rise of 63.1%.
The total claims amount was 160 million yuan, for a YoY rise of 33.5%, while the premium waiver sum was 52.3 million yuan, for a YoY rise of 140%.
Sinatay was first established on 18 May 2007, and has registered capital of 5 billion yuan. The insurer is licensed to operate in 18 Chinese provinces, including Zhejiang, Jiangsu, Beijing, Hebei, Fujian, Henan, Shandong, Heilongjiang, Liaoning, Shanghai, Hubei, Jiangxi, Xiamen, Guangdong, Ningbo, Qingdao, Shenzhen and Dalian.