Increasing domestic tourism and changing travel preferences among various demographic categories are the leading factors expected to drive the China travel insurance market during the forecast period. According to TechSci Research report, “China Travel Insurance–By Region, By Company, Forecast & Opportunities, 2018-2028F” The China travel insurance market is expected to grow during the forecast owing to increasing business travels and ease of accessibility of travel insurance is expected to lead to increased demand for the travel insurance industry in the upcoming years.
The Important Factors of the China Travel Insurance Market
In a similar vein, the rise in paid vacations and leisure time, the rise in per capita disposable income, and the widespread popularity of network information technology have all contributed to the rise in tourism demand. However, increased travel exposes personal and property safety to risks, particularly rising risk led to increasing market demand during the projected period.
Travel insurance is a type of comprehensive insurance that covers consumers’ risks while they are on the road. In general, insurance companies can seek compensation for all accidental death and injury accidents caused by sporting events and intentional acts. It distinguishes itself by ensuring travel safety, comprehensive responsibility, and high protection.
Travel insurance generally pays for medical costs, personal accidents, double accident compensation, emergency medical evacuation, repatriation costs, personal luggage, delayed luggage, trip cancellation, trip delay, abbreviated trip, personal money and papers, and personal responsibility, among other things.
In China, the tourism season and holidays have a significant impact on travel insurance premiums and sales. Travel insurance sales typically peak around New Year’s Day, Spring Festival, May Day, National Holiday, winter, and summer vacations. Second, the modes of transportation used by travelers have an impact on the sales of travel insurance. Tourists who travel by plane, bus, or private car are more likely to purchase travel insurance than those who use other modes of transportation. Tourism policy and regulations are critical factors. For example, when submitting application materials for a Schengen short-term visa, every tourist must have insurance. Travel insurance is also required for visitors to Taiwan. These factors increased the market demand for travel insurance.
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The China travel insurance market is segmented on the basis of trip type, mode of purchase, traveler type, travel type, region, and company.
Based on trip type, the market is further segmented into single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. As for the single-trip travel insurance policy, this is a one-time travel insurance policy that covers only one trip. The annual multi-trip policy is the fastest-growing segment in the market, as it includes those who travel frequently and opt for a low-cost travel insurance policy. It protects you from numerous journeys to certain locations over an extended period, possibly a whole year.
Based on traveler type, the market is segmented into senior citizens, education travelers, business travelers, family travelers, and independent travelers. Among these, business travelers is expected to be the fastest-growing segment in the market over the forecast period. The primary drivers of this category’s growth are an increase in business travel and the expansion of business travel insurance product offerings by industry participants.
Based on travel type, the market is segmented into domestic travel and international travel. Among these segments, domestic is the dominant segment over the forecast period because of the increasing domestic tourism sector. In 2022, according to the Ministry of Culture and Tourism, China saw approximately 251 million domestic trips during the seven-day Spring Festival holiday. Similarly, according to the figures, this year’s domestic trips generated approximately 289.2 billion yuan ($45.4 billion) in domestic tourism revenue.
Based on the mode of purchase, the market is further split into insurance companies, insurance agents/brokers, and others (insurance companies, third parties, etc.). Based on the region the market is further segmented into South-Central, South-West, East, North-East, North-West, and North.
Key market players in the China travel insurance market include:
- Ping An Insurance (Group) Company of China Ltd
- AIG Insurance Company, Inc. (“AIG”)
- China Pacific Insurance Company (Hong Kong) Limited
- Tata AIG General Insurance Company Limited
- ICICI Lombard General Insurance Company Limited
- MSIG Insurance (Hong Kong) Limited
- MoneyHero Global Limited
- Prudential Assurance Company Limited
- Hong Leong Insurance (Asia) Limited
- AXA General Insurance Hong Kong Limited
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“Benefits of travel insurance policies are a prominent trend that is expected to have a positive impact on the growth of the travel insurance market over the forecast period, including the rising outbound tourism and the domestic tourism in China, in the coming years. Furthermore, the development of the tourism industry and customized offerings of travel insurance plans and packages, which is expected to boost industry growth during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based China management consulting firm.
China Travel Insurance Market By Trip Type (Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, Long Stay Travel Insurance), By Mode of Purchase (Insurance Companies, Insurance Agents/Brokers, Others (Insurance Companies, Third Parties, etc.), By Traveler Type (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, Independent Travelers), By Travel Type (Domestic Travel, International Travel), By Region, By Company, Forecast & Opportunities, 2018-2028F, has evaluated the future growth potential of the travel insurance market in China and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in China travel insurance market.
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