TechNavio recognizes the following companies as the key players in Travel Insurance Market in the APAC Region: ACE Asia Pacific, Allianz SE, and American International Group Inc.
Commenting on the report, an analyst from TechNavio’s team said: “With the increase in international travel, the governments in many countries have imposed new regulations making travel insurance mandatory for all international travelers. As a result, many private insurance companies are tying up with travel agents. Travel agents look after the entire tour package and organize travel. Hence, a tie-up with travel agents is seen as a potential distribution network, which helps the private insurance companies to increase their outreach in terms of client base and geography.”
According to the report, one of the major drivers in this market is the strong economic growth in the region. The APAC region is one of the largest and significant contributors to the growth of the GDP across the world. Developing economies in this region are growing at a rapid pace, which has elevated the affordability and propensity to spend on travel and tourism. This has surged the international tours and travel, resulting in the increasing rate of adoption for travel insurance.
Further, the report states that one of the main challenges in this market is the high cost of travel insurance premiums. Travel insurance is a relatively new concept in the APAC region and is a hard-sell product. Clients often assume that the probability of any loss-bearing unforeseen event is negligible and any premium paid towards this product is unproductive. This discourages the uptake of the product to a great extent.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/travel-insurance-market-in-the-apac-regi…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/it-hardware-software-services
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TechNavio Announces the Publication of its Research Report – Travel Insurance Market in the APAC Region 2014-2018
