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What are the Growth Drivers of Asia-Pacific Travel Insurance Market? Industry Analysis By Key Manufacturers American International Group Inc., Allianz Group, ACE, Munich Re
Asia-Pacific Travel Insurance
The travel insurance market is growing at a high rate in countries such as China, Japan, India, Indonesia, Korea, Australia, Hong Kong, Taiwan, New Zealand, and Singapore, owing to their high GDP growth and rise in per capita income. Asia-Pacific is witnessing the highest growth rate ly, owing to presence of emerging economies, growth in population, and expansion of the middle-class segment. Increase in outbound tourism in the region and international business travels drive the growth of this market.
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Further, increase in number of senior citizens across Australia, Japan, China, and India fuel the growth of the travel insurance industry. The strong economic growth in China and India supplements the rising demand for various business travel-related insurance products. Moreover, government initiatives in Malaysia and Thailand to formulate regulations that mandate the travel insurance for all international travelers present a major opportunity for the market players. However, lack of awareness regarding travel insurance poses a major challenge to market growth.
The market is segmented on the basis of distribution channel, insurance cover, end user, and country. Based on distribution channel, it is classified into insurance intermediaries, insurance companies, banks, insurance brokers, insurance aggregators, and others. Based on insurance cover, it is divided into single trip, annual multi-trip, and long stay. Based on end user, it is categorized into senior citizens, education travelers, backpackers, business travelers, family travelers, and fully independent travelers. The countries analyzed in the report include China, Japan, India, Australia, New Zealand, Thailand, and rest of Asia-Pacific.
The key players profiled in the report include 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, and MS&AD Insurance Group.
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KEY BENEFITS FOR STAKEHOLDERS
This study provides an in-depth analysis of the Asia-Pacific travel insurance market, in terms of value, to elucidate the imminent investment pockets.
A detailed impact analysis of the current trends, country-wise travel insurance market, and future estimations is provided to target the profitable sectors.
Quantitative analysis is provided from 2014 to 2022, with 2015 as the base year.
The drivers, restraints, and opportunities are analyzed to identify the prevailing market opportunities.
Porter’s Five Forces analysis highlights the potency of suppliers and buyers in the competitive market to facilitate efficient business planning.
Asia-Pacific Travel Insurance Market Key Segments:
By Distribution Channel: Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, Insurance Aggregators and Others
By Insurance Cover: Single Trip, Annual Multi-trip and Long Stay
By End User: Senior Citizens, Education Travelers, Backpackers, Business Travelers, Family Travelers and Fully Independent Travelers
By Country: China, Japan, India, Australia, New Zealand, Thailand and Rest of Asia-Pacific
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Table of content:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ASIA-PACIFIC TRAVEL INSURANCE MARKET, BY FILTER TYPE
CHAPTER 5: ASIA-PACIFIC TRAVEL INSURANCE MARKET, BY APPLICATION
CHAPTER 6: ASIA-PACIFIC TRAVEL INSURANCE MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: ASIA-PACIFIC TRAVEL INSURANCE MARKET, BY REGION
CHAPTER 8: COMPANY PROFILES
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