Asia-pacific Travel Insurance Market to reach $9,875 million by 2023 | CAGR 10.1%

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.

The Asia-Pacific travel insurance market is segmented based on distribution channel, insurance cover, end user, and geography. The distribution channel is categorized into insurance intermediaries, insurance companies, banks, insurance brokers, insurance aggregators, and others. For insurance cover, the market is divided into single trip, annual multi-trip, and long stay. Based on end user, it is classified into senior citizens, educational travelers, backpackers, business travelers, family travelers, and fully independent travelers. Geographically, it is analyzed across China, Japan, India, Australia, New Zealand, Thailand, and rest of Asia-Pacific.

Get the sample Report: https://www.alliedmarketresearch.com/request-sample/2292?utm_source=openpr

Market Segmentation

Asia-Pacific Travel Insurance Market segmentation

Insurance Intermediaries is the Major Segment

Insurance intermediaries dominate the Asia-Pacific travel insurance market, as they are one of the most traditional and trusted form of distribution channels. Senior citizens and baby boomers opt for intermediaries owing to the long-term relationship and trust associated with them. Insurance intermediaries provide better services and understanding of policies. Moreover, they act as an advisor to an individual to opt for the better policy. Nearly two-thirds of total travel insurance policies sold in the region are carried out by traditional travel agencies and suppliers. During the forecast period, insurance aggregators are expected to grow at a CAGR of 14.4%.

India Possesses High Market Potential

The Indian tourism industry is growing at a steady rate, but the travel insurance market is still in its nascent stage. Increase in awareness related to the significant advantage of travel insurance among the Indian population presents a major opportunity for India to become one of the major travel insurance markets worldwide. Apart from international travelers, the number of domestic travelers across India has also increased. It has been observed that 30 million Indians are subject to domestic traveling each year, thus providing a major opportunity for expansion. Thus, the Indian travel insurance market is expected to grow at a relatively high CAGR during the forecast period.

Purchase Report @25 % Discount: https://www.alliedmarketresearch.com/checkout/335113?utm_source=openpr

Domestic travel insurance has witnessed stable growth in India over the past five years, primarily in partnership with tour operators, online travel agents, and airlines. Moreover, single-trip travel insurance is expected to dominate this country, as many travelers purchase the policy that is available while booking a ticket or some use online travel guide to download a plan for purchasing a policy. Over the next five years, online insurance in India is expected to grow at a significant rate, thus creating a substantial opportunity for the travel insurance market. Indians are adopting online-based services at a high rate, due to ease of use, provision of variety of plan selection, and high penetration of internet and smartphones.

Change in International Travel Regulation

Government of various countries, such as Japan, Malaysia, Australia, and Thailand, focus on formulating regulations that mandate the travel insurance for all international travelers to secure the travel of the citizens. Japan has a national health insurance system that covers all the residents of the country, but it is cautious about treating foreign patients due to the low security of reimbursement of expenses incurred. Moreover, the Reciprocal Health Care Agreement, a public health system in New Zealand, offers free hospital care and medical treatment for patients; however, high cost of treatment may limit the patient, in terms of excessive cost. Therefore, government and travel industry across the countries of Asia-Pacific aim on providing travel insurance to the travelers before their journey to secure them from any such type of circumstances.

Request Purchase Enquiry : https://www.alliedmarketresearch.com/purchase-enquiry/2292?utm_source=openpr

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.

Asia-pacific Travel Insurance Market Key Segments:
By Distribution Channel
Insurance Intermediaries
Insurance Companies
Banks
Insurance Brokers
Insurance Aggregators

Others
By Insurance Cover
Single Trip
Annual Multi-trip
Long Stay

By End User
Senior Citizens
Education Travelers
Backpackers
Business Travelers
Family Travelers
Fully Independent Travelers

By Country
China
Japan
India
Australia
New Zealand
Thailand
Rest of Asia-Pacific

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

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Shriram Dighe
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1?855?550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com

This release was published on openPR.