When it comes to choosing an insurance company, we often get lost.
After all, there are so many insurance companies out there, and each one claims to be the best.
Today, let's take a closer look at Pacific Insurance and see if this insurance company is worthy of our trust.
What is Pacific Insurance?
China Pacific Insurance (Group) Co., Ltd.), referred to as China Pacific Insurance, was established in 1991. Pacific Insurance is a national joint-stock commercial insurance company, one of the top ten insurance companies in China, and its premium income ranks among the top ten all year round.
Pacific Insurance is the first insurance company listed in Shanghai, Hong Kong and London, and the second largest property insurance company in Chinese mainland.
Although China Pacific Insurance has not been established for a long time among several old insurances, its business has done a lot of business, with an operating income of 4,553 in 2022$7.2 billion.
Pacific Insurance is a group company with many subsidiaries, such as Pacific Life Insurance Company, Pacific Property Insurance Company, asset management company, health insurance company, etc., among which Pacific Life Insurance Company is the subsidiary that we have the most contact with.
Pacific Insurance has been listed in the Fortune Global 500 for more than 10 consecutive years, which is a rare honor in the world. On March 21, 2022, a Boeing 737 plane of China Eastern Airlines crashed, and CPIC quickly activated the emergency mechanism.
What are the characteristics of Pacific Insurance?
As a traditional insurance company in China, Pacific Insurance has its own advantages:
1. There are many offline outlets: Pacific has more than 2,800 branches, with tentacles all over the country, and it is also very easy to apply for insurance in many third- and fourth-tier cities in China;
2. Professional consultation: The professional team of CPIC will provide customers with professional insurance consulting and risk management suggestions to help customers make wise insurance decisions;
3. Great brand influence: Pacific Insurance Company has a very good brand influence on the basis of larger advertising and the publicity of hundreds of thousands of people, which will not make customers feel relatively unfamiliar and unreliable;
4. Personalized customization: CPIC provides personalized insurance solutions according to customer needs and risk characteristics to meet the needs of customers to the greatest extent;
5. Fast claim settlement: CPIC adheres to the principle of fast and efficient claim settlement, provides customers with convenient claim settlement services, and reduces the financial burden of customers.
Pacific InsuranceSolvency.
To determine whether an insurance company has the ability to settle a claim, the most critical data is solvency, which refers to the ability of the insurance company to repay its debts, that is, the economic ability to pay the insurance money. The China Banking and Insurance Regulatory Commission stipulates that when the core solvency adequacy ratio is 50%, the comprehensive risk rating must be B, and the comprehensive solvency adequacy ratio is 100%.
CPIC's solvency and risk ratings for 2023 are as follows:
The consolidated solvency adequacy ratio for the second quarter of 2023 was 208%;
Core solvency ratio was 116% in Q2 2023;
The composite risk ratings for Q1 and Q2 2023 are AA and AA, respectively.
All three have reached the minimum standard, and the solvency has exceeded the minimum standard by more than twice the minimum standard, which shows that CPIC is operating well and its solvency is sufficient.
Pacific InsuranceService ratings.
Every year, the regulator will make a rating based on the service status of the insurance company in the previous year, and the evaluation system focuses on the outstanding issues such as sales, claims, consultation, and rights protection that consumers have the strongest feedback from, and the rating gives consumers a reference for the level of service provided, and the evaluation results are divided into four categories: A, B, C, and D according to the score from high to low.
The latest service rating shows that CPIC Property & Casualty Insurance and CPIC Life Insurance are AA grade, which is the highest level of service rating this time, and the recognition among consumers is still very high.
Conclusion
As a professional, innovative and reliable insurance company, CPIC provides a variety of insurance products and professional insurance services. Customers can choose the right insurance products according to their own needs, and enjoy the personalized customization, fast claim settlement and professional consulting services provided by Pacific Insurance. In the future of risk management, choosing Pacific Insurance will be a wise choice.