The Asia Pacific travel insurance sector is expected to grow by double digit numbers for the next half-decade according to new research. That means areas like Malaysia, South Korea, and Taiwan will all likely see increases for up to seven years according to researchers.
The research numbers from Mark Kopec were reiterated by APAC head of travel, and he stated the growth and momentum of industry would likely hold a sustained run that will see positives effects for years to come.
"The (travel insurance) industry will grow at least 10% to 12% in the next five to seven years. This would be led by markets such as Malaysia, South Korea and Taiwan, which has higher awareness of travel insurance importance.
"We will see significant growth, otherwise Zurich will not be investing heavily in this region," he said.
From Japan to New Zealand, the APAC travel insurance market is said to be nearly $2.8 billion, and the market is expected to simply keep on growing. A nearly 28% global total is being held by the sector, with travelers coming from all over the world to see the many differing cultures within the area.
For such economies like Cambodia and Vietnam, travel insurance market saw what was fantastic growth over the last half-decade.
"They grow at a triple digit pace, with market size doubling each year," Kopec said.The numbers in Malaysia are the highest of any single statehood, with a 15% increase each year. The strong economic growth and rising income is one of the main underlying factors, according to experts.
"This further enhanced with the emergence of low cost carriers, which offer opportunities to travel without spending much," he said.
The travel insurance market as yet to make a strong inroad to many of the countries in the region, which is the foundation for the strong continued expansion of the market in the near future.
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