Insurance companies are seeing great opportunities to expand their business in China, as travel and tourism industry is growing at an unprecedented pace in the country.
Remarkable growth has been witnessed in the tourism industry in China over the past few years. Consequently, more and more landing insurance companies are getting attracted towards China, as they find the country as a great opportunity provider for their growth in near future.
Seeing enormous growth potential in this sector, insurance companies such as AIU have shown immense interest in getting Chinese people insured. Currently, just 20 percent of Chinese outbound tourists have acquired individual travel insurance, which reveals a great market potential for all players in this sector, as expressed by a director for the Assist's operation of AIG in China.
He further added that a single casualty travel insurance in present market costs around CNY 10-CNY 20, and the travel insurance market in China can reach a value of around CNY 10 Billion. According to experts’ predictions, China shall reach CNY 3.3 Trillion of revenues from tourism by the year 2020.
RNCOS has recently published a report “China Insurance Sector Analysis (2006)”. According to this report, “There’s been a dramatic increase in the number of Chinese tourists traveling overseas, the number is expected to reach 100 Million mark by the year 2020 from 28.85 Million in 2004. The tourism & insurance agencies in China have launched a campaign for raising public awareness towards travel insurance and also to encourage insurance firms for selling travel policies. Thus, major market opportunity will be created for insurance companies operating in travel and tourism sector.”
The research report also addresses the issues and facts that are critical to business success:
- Marketing strategies of the players in the insurance industry.
- Growth in Health and Group insurance driving the Insurance sector in China
- Demographic factors, like death rate and birthrates affect the Chinese insurance market.
- Emerging opportunities and challenges for the industry players.
- The most prospective areas for investments in the insurance sector in near future.
- The factors that will lead to the growth of Life and Non Life insurance in China.
About the Report
This report provides extensive research and objective analysis of the Tourism Sector in China. It helps clients in analyzing the opportunities critical to the growth of tourism market in China.
About RNCOS:
RNCOS, incorporated in 2002, provides Market Research Reports for your business needs and aims to put an end to your information pursuit. Our expertise in gathering global business information for industry research, corporate training, growth consulting, and business consulting, brings reputed companies and firms to us for business enhancement solutions. We can be your one-stop-shop for Industry research information and niche market analysis.
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