Banking, Financial Services & Insurance

Asia-Pacific Travel Insurance Market by Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, Insurance Aggregators, and Others), Insurance Cover (Single Trip, Annual Multi-trip, and Long Stay) and End User (Senior Citizens, Educational Travelers, Backpackers, Business Travelers, Family Travelers, and Fully Independent Travelers): Opportunity Analysis and Industry Forecast, 2016-2022

  • ALL1295692
  • 120 Pages
  • May 2017
  • Banking, Financial Services & Insurance

Travel insurance is a typology aimed at safeguarding tourists during their travel. It is always advisable for a traveler to opt for a travel insurance policy, as unforeseen weather changes, ill health, or other catastrophes can interrupt the individual’s travel plan. To mitigate the risk associated with such incidences, a number of travelers are opting for 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 globally, 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.

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.

KEY BENEFITS

  • 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.

KEY MARKET 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

  • 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

Other players in the value chain include (profiles not included in the report):

  • Sompo Japan
  • Nipponkoa
  • CPIC
  • Tokio Marine
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