A recent research has forecasted that the Asia Pacific travel Insurance Market will reach about 10 billion dollars by 2022 a 10.1% increase from the $5.540 projected in 2016. This projected growth is driven largely by the increase in the number of travellers, mainly Senior citizens.
The report adds that this demographic focuses on secure travel and mainly travels in groups or with family. The rise in the number of family travellers and business travellers is expected to generate a high demand for travel Insurance in the region. Japan still dominate the travel Insurance Market accounting for nearly 22% share in 2016 followed by Australia.
Japan is expected to maintain its dominance during the forecast period owning to steady growth in the number of domestic travellers.