Asia-Pacific Travel Insurance Market Set To Surpass $9.875 Billion By 2022, Driven By 10.1% CAGR

(MENAFN- EIN Presswire) Asia-Pacific travel Insurance market Set to Surpass $9.875 Billion by 2022, Driven by 10.1% CAGR

NEW CASTLE, DELAWARE, UNITED STATES, June 18, 2024 /EINPresswire / -- According to a new report published by Allied Market Research, titled, Asia-Pacific Travel Insurance Market by Insurance Cover and Distribution Channel: Opportunity Analysis and industry Forecast, 2016-2022, 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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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 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.

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.

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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.

Asia-Pacific Travel Insurance Market Report Highlights

By Distribution Channel

Insurance Intermediaries
Insurance Companies
Banks
Insurance Brokers
Insurance Aggregators
Others

By Insurance Cover

Single trip travel insurance
annual multi-trip travel insurance
long-stay travel insurance

By End User

Senior Citizens
Education Travelers
Backpackers
Business Travelers
Family Travelers
Fully Independent Travelers

By Country
China
Japan
India
Australia
New Zealand
Thailand

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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 dominance 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.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" 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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. 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.

David Correa
Allied Market Research
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