Key Vendors include ACE Asia Pacific, Allianz SE, American International Group Inc.
TechNavio, the independent London-based global research firm, shared its research findings from its latest report on the Travel Insurance Market in the APAC Region. According to the research findings, the booming Chinese economy is aiding the Travel Insurance Market in the APAC Region. The findings are for the forecast period 2014-2018.
As per research findings, the travel insurance market in China is growing at a CAGR of 14.64percent. This is due to several growth factors like increasing tourism and business travels, which is leading to the demand for travel insurance among people. In addition, the booming Chinese economy is helping in boosting the demand for various travel related insurance products.
The other key leading countries in this region include Japan, India, Indonesia, Australia, South Korea, Taiwan, New Zealand, Hong Kong and Singapore.
Speaking on this occasion, one of the senior analyst and co-author of this report said, “In the Travel Insurance market in the APAC region, travel agents contributed US$1.49 billion in 2013, and this is expected to increase to US$2.81 billion by 2018, growing at a CAGR of 13.47 percent. Banks and Airline companies also constituted a significant portion to this income generation and the market will continue to remain the same during the forecast period.”
To determine the scenario for these vendors in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on Travel Insurance Market in the APAC Region 2014-2018, please send an e-mail to media@TechNavio.com
About TechNavio
TechNavio is a leading technology research and advisory company with a global coverage. We focus on emerging technology trends that can shape the market. We identify and explain these trends to our customers to help them take better decisions.
TechNavio models the trends using a mix of quantitative and qualitative tools in its proprietary research methodologies. We build forecasts across market segments and geographies based on the trends identified. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a changing market scenario.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape of Travel Insurance Market in the APAC Region. Our analysts obtain the information using a combination of the bottom-up and top-down approaches, besides using in-house market modeling tools. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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