ReportsnReports.com adds report Travel Insurance Market in the APAC Region 2014-2018to its store.Travel Insurance market in the APAC region to grow at a CAGR of 10.81 percent over the period 2013-2018. One of the key factors contributing to this market growth is the strong economic growth in the APAC region. The Travel Insurance market in the APAC region has also been witnessing the introduction of a new distribution channel for the distribution of travel insurance products. However, the lack of awareness for travel insurance products could pose a challenge to the growth of this market.
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.
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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.Travel Insurance Market in APAC 2014-2018, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Travel Insurance market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Key vendors dominating this space are American International Group, Inc., ACE Asia Pacific, and Allianz SE.
Other vendors mentioned in the report are AXA S.A., Aviva plc, and NG Groep N.V.
Key questions answered in this report:
- What will the market size be in 2018 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
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