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Asia-Pacific Travel Insurance Market Key Vendors, Current Trends by Manufacturers, Countries, Distribution Channel and End user, Forecast to 2022
Asia-Pacific Travel Insurance Market
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Travel insurance service providers offer their services through various form of distribution channels such as insurance intermediaries, insurance companies, banks, insurance brokers, insurance aggregators, and others. Insurance aggregators are expected to grow exponentially during the forecast period, owing to high usage of digitalized channels. Moreover, service providers are investing in more advanced form of technology to cater to the tech-savvy cluster, which largely comprises the younger generation. Furthermore, insurance intermediaries are estimated to maintain their dominance in the Asia-Pacific travel insurance market, as this channel is widely used by senior citizens and baby boomers.
The travel insurance companies in this region have witnessed a continuous shift towards annual multi-trip insurance policy from single-trip insurance policy, wherein multi-trip is expected to grow at relatively high growth rate. Growth in disposable income among individuals and rise in travel among senior citizens have led to increase in number of trips in a year. This creates a huge opportunity for the annual multi-trip travel insurance policy. Moreover, growth of the multi-trip segment is due to expansion of cross-border business, which results rising trips for business travelers. Single-trip travel insurance policy is expected to account for highest market share, due to the growing domestic travel trend among several countries.
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Asia-Pacific has witnessed growth in the outbound travel, which creates high demand for travel insurance policy. Rise in travel among baby boomers and senior citizens, high investments for the betterment of digitalized services, and increase in government initiatives for insurance cover are expected to drive the growth of Asia-Pacific travel insurance market.
Established market players have maintained their dominance in Asia-Pacific. However, with the emergence of technologically advanced SMEs and startups, established players are focusing on providing services via online platforms. They aim to expand their market outreach and compete with the emerging players through various scheme such as discount options, sports or activity-related policies, and similar others for consumers.
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Asia-pacific Travel Insurance Market is estimated to reach $9,875 million by 2023, growing at a CAGR of 10.1% from 2016 to 2022. Travel insurance provides security and protection to travelers while traveling domestically or internationally, whether on a business trip or holiday. It is considered as an essential to undertake a carefree trip. This type of insurance not only provides basic coverage such as health insurance and transportation in the event of repatriation, but also a protective cover against missing checked-in luggage, trip cancellation, and other probable casualties.
Key Benefits
A comprehensive analysis of the current trends and future estimations in the Asia-Pacific travel insurance market is provided.
The report elucidates on key drivers, restraints, and opportunities and a detailed impact analysis.
Quantitative analysis is provided from 2014 to 2022, with 2015 as the base year and forecast from 2016 to 2022.
Porters Five Forces model of the industry illustrates the potency of the buyers and suppliers in the market.
A quantitative analysis of the current scenario and the forecast period highlights the financial competency of the market.
The report provides a detailed analysis of the market with respect to distribution channel, insurance cover, end user, and country.
Key Players in the Value Chain
American International Group Inc.
Allianz Group
ACE
Munich Re
Tokio Marine Holdings
China Pacific Insurance Company
Bajaj Finserv
Ping An Insurance Company of China
Dongbu Group
MS&AD Insurance Group
Sompo Japan
Nipponkoa
CPIC
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