Asia-Pacific Travel Insurance Market Size, Regional Analysis and Future Projections by 2027

Growth of the Asia-Pacific travel insurance market is driven by the increase in number of outbound travelers among senior citizens, who focus on secure travel and largely travel in groups or with family. Moreover, rise in number of family travelers and business travelers is expected to generate a high demand for travel insurance in this region.

The Asia-Pacific travel insurance market was valued at $5,540 million in 2016, and is estimated to reach $9,875 million by 2022, registering a CAGR of 10.1% from 2016 to 2022. In 2016, the single trip segment dominated this market.

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Japan dominates the market, accounting for nearly 22% share in 2016, followed by Australia. Japan is expected to maintain its dominance during the forecast period, owing to the steady growth in the number of domestic travelers. In addition, outbound travel from Australia is on a continuous rise due to the booming Australian dollar. Moreover, domestic traveling is also increasing at a rapid pace in Australia since the last five years.

The India travel insurance is expected to grow at a relatively high CAGR of 22.3%, owing to increase in number of travel operators offering discounts, reduced air fares, and growth in expenditure among the urban population. Moreover, online insurance is growing at a significant rate, providing a substantial opportunity for the Asia-Pacific travel insurance market.

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The insurance intermediaries segment is expected to maintain their dominance in the Asia-Pacific travel insurance market, as it is the most used distribution channel among senior citizens and baby boomers, in terms of availing services. Insurance intermediaries are trustworthy and they provide sufficient knowledge about different products, offering the best possible product to the client. However, insurance aggregators are expected to grow at a comparatively high CAGR in the future, owing to the rise in usage of digitalized channel for e-tailing and increase in penetration of internet in 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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