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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

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Pages: 120
May 2017 | 2008 Views
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Author's : Mohd Umair Athar
Tables: 40
Charts: NA
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Asia-pacific Travel Insurance Market Overview:

Asia-pacific Travel Insurance Market is estimated to reach $9,875 million by 2023, growing at a CAGR of 10.1% from 2016 to 2022. Travel insurance provides security and protection to travelers while traveling domestically or internationally, whether on a business trip or holiday. It is considered as an essential to undertake a carefree trip. This type of insurance not only provides basic coverage such as health insurance and transportation in the event of repatriation, but also a protective cover against missing checked-in luggage, trip cancellation, and other probable casualties.

The Asia-Pacific travel insurance market is segmented based on distribution channel, insurance cover, end user, and geography. The distribution channel is categorized into insurance intermediaries, insurance companies, banks, insurance brokers, insurance aggregators, and others. For insurance cover, the market is divided into single trip, annual multi-trip, and long stay. Based on end user, it is classified into senior citizens, educational travelers, backpackers, business travelers, family travelers, and fully independent travelers. Geographically, it is analyzed across China, Japan, India, Australia, New Zealand, Thailand, and rest of Asia-Pacific.

Market Segmentation

Market Segmentation

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Source: Primary & Secondary Research and AMR Analysis

Insurance Intermediaries is the Major Segment

Insurance intermediaries dominate the Asia-Pacific travel insurance market, as they are one of the most traditional and trusted form of distribution channels. Senior citizens and baby boomers opt for intermediaries owing to the long-term relationship and trust associated with them. Insurance intermediaries provide better services and understanding of policies. Moreover, they act as an advisor to an individual to opt for the better policy. Nearly two-thirds of total travel insurance policies sold in the region are carried out by traditional travel agencies and suppliers. During the forecast period, insurance aggregators are expected to grow at a CAGR of 14.4%.

India Possesses High Market Potential

The Indian tourism industry is growing at a steady rate, but the travel insurance market is still in its nascent stage. Increase in awareness related to the significant advantage of travel insurance among the Indian population presents a major opportunity for India to become one of the major travel insurance markets worldwide. Apart from international travelers, the number of domestic travelers across India has also increased. It has been observed that 30 million Indians are subject to domestic traveling each year, thus providing a major opportunity for expansion. Thus, the Indian travel insurance market is expected to grow at a relatively high CAGR during the forecast period.

Domestic travel insurance has witnessed stable growth in India over the past five years, primarily in partnership with tour operators, online travel agents, and airlines. Moreover, single-trip travel insurance is expected to dominate this country, as many travelers purchase the policy that is available while booking a ticket or some use online travel guide to download a plan for purchasing a policy. Over the next five years, online insurance in India is expected to grow at a significant rate, thus creating a substantial opportunity for the travel insurance market. Indians are adopting online-based services at a high rate, due to ease of use, provision of variety of plan selection, and high penetration of internet and smartphones.

Change in International Travel Regulation

Government of various countries, such as Japan, Malaysia, Australia, and Thailand, focus on formulating regulations that mandate the travel insurance for all international travelers to secure the travel of the citizens. Japan has a national health insurance system that covers all the residents of the country, but it is cautious about treating foreign patients due to the low security of reimbursement of expenses incurred. Moreover, the Reciprocal Health Care Agreement, a public health system in New Zealand, offers free hospital care and medical treatment for patients; however, high cost of treatment may limit the patient, in terms of excessive cost. Therefore, government and travel industry across the countries of Asia-Pacific aim on providing travel insurance to the travelers before their journey to secure them from any such type of circumstances.

Key Benefits

  • A comprehensive analysis of the current trends and future estimations in the Asia-Pacific travel insurance market is provided.
  • The report elucidates on key drivers, restraints, and opportunities and a detailed impact analysis.
  • Quantitative analysis is provided from 2014 to 2022, with 2015 as the base year and forecast from 2016 to 2022.
  • Porters Five Forces model of the industry illustrates the potency of the buyers and suppliers in the market.
  • A quantitative analysis of the current scenario and the forecast period highlights the financial competency of the market.
  • The report provides a detailed analysis of the market with respect to distribution channel, insurance cover, end user, and country.

Asia-pacific Travel Insurance Market Key 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 in the Value Chain

  • 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
  • Sompo Japan
  • Nipponkoa
  • CPIC
 

Chapter: 1 INTRODUCTION

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

3.5.1. Drivers

3.5.1.1. Rise in tourism
3.5.1.2. Increasing travel rule and regulation
3.5.1.3. Rise in baby boomer travel

3.5.2. Restraints

3.5.2.1. Low penetration of insurance policies

3.5.3. Opportunities

3.5.3.1. 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

4.1.1. Introduction
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

4.2.1. Introduction
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

4.3.1. Introduction
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

5.1.1. Introduction
5.1.2. Key market trends
5.1.3. Key drivers and opportunities
5.1.4. Market size and forecast

5.1.4.1 By Distribution Channel
5.1.4.2 By Insurance Cover
5.1.4.3 By End User

5.2. Japan Travel Insurance Market

5.2.1. Introduction
5.2.2. Key market trends
5.2.3. Key drivers and opportunities
5.2.4. Market size and forecast

5.2.4.1 By Distribution Channel
5.2.4.2 By Insurance Cover
5.2.4.3 By End User

5.3. India Travel Insurance Market

5.3.1. Introduction
5.3.2. Key market trends
5.3.3. Key drivers and opportunities
5.3.4. Market size and forecast

5.3.4.1 By Distribution Channel
5.3.4.2 By Insurance Cover
5.3.4.3 By End User

5.4. Australia Travel Insurance Market

5.4.1. Introduction
5.4.2. Key market trends
5.4.3. Key drivers and opportunities
5.4.4. Market size and forecast

5.4.4.1 By Distribution Channel
5.4.4.2 By Insurance Cover
5.4.4.3 By End User

5.5. New Zealand Travel Insurance Market

5.5.1. Introduction
5.5.2. Key market trends
5.5.3. Key drivers and opportunities
5.5.4. Market size and forecast

5.5.4.1 By Distribution Channel
5.5.4.2 By Insurance Cover
5.5.4.3 By End User

5.6. Thailand Travel Insurance Market

5.6.1. Introduction
5.6.2. Key market trends
5.6.3. Key drivers and opportunities
5.6.4. Market size and forecast

5.6.4.1 By Distribution Channel
5.6.4.2 By Insurance Cover
5.6.4.3 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

LIST OF TABLES

Table 1. Asia Pacific Travel Insurance Market, by Distribution Channel, 2014-2022 ($Million)
Table 2. Asia Pacific Travel Insurance Market, by Insurance Cover, 2014-2022 ($Million)
Table 3. Asia Pacific Travel Insurance Market, by End-User, 2014-2022 ($Million)
Table 4. China Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 5. China Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 6. China Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 7. Japan Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 8. Japan Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 9. Japan Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 10. India Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 11. India Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 12. India Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 13. Australia Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 14. Australia Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 15. Australia Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 16. New Zealand Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 17. New Zealand. Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 18. New Zealand Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 19. Thailand Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 20. Thailand Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 21. Thailand Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 22. American International Group Inc.: Company Snapshot
Table 23. American International Group Inc.: Operating Segments
Table 24. Allianz Group: Company Snapshot
Table 25. Allianz Group: Operating Segments
Table 26. Ace Insurance Company Limited: Company Snapshot
Table 27. Ace Insurance Company Limited: Operating Segments
Table 28. Munich Reinsurance Company: Company Snapshot
Table 29. Munich Reinsurance Company: Operating Segments
Table 30. Tokio Marine Holdings, Inc.: Company Snapshot
Table 31. Tokio Marine Holdings, Inc.: Operating Segments
Table 32. China Pacific Insurance Co., Ltd: Company Snapshot
Table 33. China Pacific Insurance Co., Ltd: Operating Segments
Table 34. Bajaj Finserv Ltd.: Company Snapshot
Table 35. Bajaj Finserv Ltd.: Operating Segments
Table 36. Ping An Insurance Company of China, Ltd.: Company Snapshot
Table 37. Ping An Insurance Company of China, Ltd.: Operating Segments
Table 38. Dongbu Group: Company Snapshot
Table 39. Dongbu Group: Operating Segments
Table 40. Ms&Ad Insurance Group Holdings, Inc.: Company Snapshot


LIST OF FIGURES

Figure 1. Top Impacting Factors
Figure 2. Top Investment Pockets
Figure 3. Top Winning Strategies
Figure 4. Bargaining Power of Suppliers
Figure 5. Bargaining Power of Buyers
Figure 6. Threat of New Entrants
Figure 7. Competitive Rivalry
Figure 8. Threat of Substitutes
Figure 9. Market Positioning, 2016
Figure 10. China Travel Insurance Market, 2014-2022 ($Million)
Figure 11. Japan Travel Insurance Market, 2014-2022 ($Million)
Figure 12. India Travel Insurance Market, 2014-2022 ($Million)
Figure 13. Australia Travel Insurance Market, 2014-2022 ($Million)
Figure 14. New Zealand Travel Insurance Market, 2014-2022 ($Million)
Figure 15. Thailand Travel Insurance Market, 2014-2022 ($Million)
Figure 16. American International Group Inc.: Company Snapshot
Figure 17. Allianz Group: Company Snapshot
Figure 18. Ace Insurance Company Limited: Company Snapshot
Figure 19. Munich Reinsurance Company: Company Snapshot
Figure 20. Tokio Marine Holdings, Inc.: Company Snapshot
Figure 21. China Pacific Insurance Co., Ltd: Company Snapshot
Figure 22. Bajaj Finserv Ltd.: Company Snapshot
Figure 23. Ping An Insurance Company Of China, Ltd.: Company Snapshot
Figure 24. Dongbu Group: Company Snapshot
Figure 25. MS&AD Insurance Group Holdings, Inc.: Company Snapshot

 

Travel insurance addresses the financial impacts of common problems encountered by the traveler during the course of journey. It provides a protection to safeguard the tourist during travel to foreign countries or domestic areas in the form of monetary compensation to tackle the issues from intense situations. It offers simple health-related safety during the travel along with the services of evacuation or repatriation during the event of emergency, such as outbreaks of viruses, natural disasters, and terrorist attacks. In addition, most travel insurance policies include protective cover against missing checked-in luggage, trip cancellation, and other probable casualties.

Travel insurance service providers offer their services through various form of distribution channels such as insurance intermediaries, insurance companies, banks, insurance brokers, insurance aggregators, and others. Insurance aggregators are expected to grow exponentially during the forecast period, owing to high usage of digitalized channels. Moreover, service providers are investing in more advanced form of technology to cater to the tech-savvy cluster, which largely comprises the younger generation. Furthermore, insurance intermediaries are estimated to maintain their dominance in the Asia-Pacific travel insurance market, as this channel is widely used by senior citizens and baby boomers.

The travel insurance companies in this region have witnessed a continuous shift towards annual multi-trip insurance policy from single-trip insurance policy, wherein multi-trip is expected to grow at relatively high growth rate. Growth in disposable income among individuals and rise in travel among senior citizens have led to increase in number of trips in a year. This creates a huge opportunity for the annual multi-trip travel insurance policy. Moreover, growth of the multi-trip segment is due to expansion of cross-border business, which results rising trips for business travelers. Single-trip travel insurance policy is expected to account for highest market share, due to the growing domestic travel trend among several countries.

Asia-Pacific has witnessed growth in the outbound travel, which creates high demand for travel insurance policy. Rise in travel among baby boomers and senior citizens, high investments for the betterment of digitalized services, and increase in government initiatives for insurance cover are expected to drive the growth of Asia-Pacific travel insurance market.

Established market players have maintained their dominance in Asia-Pacific. However, with the emergence of technologically advanced SMEs and startups, established players are focusing on providing services via online platforms. They aim to expand their market outreach and compete with the emerging players through various scheme such as discount options, sports or activity-related policies, and similar others for consumers.

 

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