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.
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
By Insurance Cover
By End User
Fully Independent Travelers
Rest of Asia-Pacific
American International Group Inc.
Tokio Marine Holdings
China Pacific Insurance Company
Ping An Insurance Company of China
MS&AD Insurance Group
Other players in the value chain include (profiles not included in the report):
1.1. Report Description
1.2. Key Benefits
1.3. Key Market Segments
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2 EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3 MARKET OVERVIEW
3.1. Market Definition and Scope
3.2. Key Findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.2.3. Top winning strategies
3.3. Porters Five Forces Analysis
3.4. Market Positioning, 2016
3.5. Market Dynamics
22.214.171.124. Rise in tourism
126.96.36.199. Increasing travel rule and regulation
188.8.131.52. Rise in baby boomer travel
184.108.40.206. Low penetration of insurance policies
220.127.116.11. New technological developments for the travel insurance industry
CHAPTER 4 ASIA PACIFIC TRAVEL INSURANCE MARKET
4.1. Asia Pacific Travel Insurance Market, By Distribution Channel
4.1.2. Key market trends
4.1.3. Key drivers and opportunities
4.1.4. Market size and forecast, by type (Insurance intermediaries, insurance company, bank, insurance broker, insurance aggregator, and others)
4.2. Asia Pacific Travel Insurance Market, By Insurance Cover
4.2.2. Key market trends
4.2.3. Key drivers and opportunities
4.2.4. Market size and forecast, by type (Single trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance)
4.3. Asia Pacific Travel Insurance Market, By End User
4.3.2. Key market trends
4.3.3. Key drivers and opportunities
4.3.4. Market size and forecast, by type (Senior citizens, education traveler, backpackers, business traveler, family traveler, and fully independent traveler)
CHAPTER 5 ASIA PACIFIC TRAVEL INSURANCE MARKET, BY COUNTRY
5.1. China Travel Insurance Market
5.1.2. Key market trends
5.1.3. Key drivers and opportunities
5.1.4. Market size and forecast
18.104.22.168 By Distribution Channel
22.214.171.124 By Insurance Cover
126.96.36.199 By End User
5.2. Japan Travel Insurance Market
5.2.2. Key market trends
5.2.3. Key drivers and opportunities
5.2.4. Market size and forecast
188.8.131.52 By Distribution Channel
184.108.40.206 By Insurance Cover
220.127.116.11 By End User
5.3. India Travel Insurance Market
5.3.2. Key market trends
5.3.3. Key drivers and opportunities
5.3.4. Market size and forecast
18.104.22.168 By Distribution Channel
22.214.171.124 By Insurance Cover
126.96.36.199 By End User
5.4. Australia Travel Insurance Market
5.4.2. Key market trends
5.4.3. Key drivers and opportunities
5.4.4. Market size and forecast
188.8.131.52 By Distribution Channel
184.108.40.206 By Insurance Cover
220.127.116.11 By End User
5.5. New Zealand Travel Insurance Market
5.5.2. Key market trends
5.5.3. Key drivers and opportunities
5.5.4. Market size and forecast
18.104.22.168 By Distribution Channel
22.214.171.124 By Insurance Cover
126.96.36.199 By End User
5.6. Thailand Travel Insurance Market
5.6.2. Key market trends
5.6.3. Key drivers and opportunities
5.6.4. Market size and forecast
188.8.131.52 By Distribution Channel
184.108.40.206 By Insurance Cover
220.127.116.11 By End User
CHAPTER 6 RELATED INDUSTRY INSIGHTS
6.1. Usage Based Insurance Market
6.2. Cyber Insurance Market
CHAPTER 7 COMPANY PROFILE
7.1. American International Group Inc.
7.1.1. Company overview
7.1.2. Operating business segments
7.1.3. Business performance
7.1.4. Key strategic moves and developments
7.2. Allianz Group
7.2.1. Company overview
7.2.2. Operating business segments
7.2.3. Business performance
7.2.4. Key strategic moves and developments
7.3. Ace Insurance Company Limited
7.3.1. Company overview
7.3.2. Operating business segments
7.3.3. Business performance
7.3.4. Key strategic moves and developments
7.4. Munich Reinsurance Company
7.4.1. Company overview
7.4.2. Operating business segments
7.4.3. Business performance
7.4.4. Key strategic moves and developments
7.5. Tokio Marine Holdings, Inc.
7.5.1. Company overview
7.5.2. Operating business segments
7.5.3. Business performance
7.5.4. Key strategic moves and developments
7.6. China Pacific Insurance Co., Ltd
7.6.1. Company overview
7.6.2. Operating business segments
7.6.3. Business performance
7.6.4. Key strategic moves and developments
7.7. Bajaj Finserv Ltd.
7.7.1. Company overview
7.7.2. Operating business segments
7.7.3. Business performance
7.7.4. Key strategic moves and developments
7.8. Ping An Insurance Company of China, Ltd.
7.8.1. Company overview
7.8.2. Operating business segments
7.8.3. Business performance
7.8.4. Key strategic moves and developments
7.9. Dongbu Group
7.9.1. Company overview
7.9.2. Operating business segments
7.9.3. Business performance
7.9.4. Key strategic moves and developments
7.10. MS&AD Insurance Group Holdings, Inc.
7.10.1. Company overview
7.10.2. Operating business segments
7.10.3. Business performance
7.10.4. Key strategic moves and developments
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.
Japan domites the market, accounting for nearly 22% share in 2016, followed by Australia. Japan is expected to maintain its domince 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.
The insurance intermediaries segment is expected to maintain their domince 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.
Key findings of the Asia-Pacific Travel Insurance Market:
Currently, Japan leads the Asia-Pacific travel insurance market, followed by Australia.
India and Thailand are currently in their growth phase of adopting travel insurance policy, wherein India is expected to grow at a significant rate during the forecast period.
The insurance aggregators segment is expected to present numerous growth opportunities in the Asia-Pacific travel insurance market; however, insurance intermediaries are expected to maintain their domince throughout the forecast period.
The single-trip travel insurance policy is expected to account for higher market share, whereas, multi-trip travel insurance policy possesses high market potential.
The key players profiled in the report include American Intertiol Group Inc., Allianz Group, ACE, Munich Re, Tokio Marine Holdings, Chi Pacific Insurance Company, Bajaj Finserv, Ping An Insurance Company of Chi, Dongbu Group, and MS&AD Insurance Group.
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.