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China Travel Insurance Market Booms with Rising Outbound Tourism

The Chinese outbound tourism market has been experiencing explosive growth in recent years, with an increasing number of Chinese travelers venturing abroad. As a result, the demand for travel insurance has also soared, leading to a boom in the Chinese travel insurance market.

According to the China Insurance Regulatory Commission (CIRC), the total premiums earned by Chinese travel insurance companies reached RMB 15.8 billion (USD 2.4 billion) in 2018, up by 25% from the previous year. This growth is expected to continue in the coming years, as the number of Chinese outbound tourists is projected to reach 200 million by 2025.

Chinese Travelers Seek Comprehensive Coverage

Chinese travelers are increasingly demanding comprehensive travel insurance policies that cover a wide range of risks, including medical emergencies, lost luggage, trip cancellations, and personal accidents. They are also looking for policies that are easy to understand and purchase.

In response to this demand, Chinese travel insurance companies have developed a variety of products that meet the needs of different travelers. These policies typically include the following coverage:
Medical expenses
Lost luggage
Trip cancellations
Personal accidents
Emergency assistance

Online Travel Insurance Gaining Popularity

The increasing popularity of online travel booking has led to a corresponding increase in the demand for online travel insurance. Chinese travelers can now easily purchase travel insurance policies online from a variety of providers.

Online travel insurance is often more convenient and affordable than traditional travel insurance policies. Travelers can compare prices and coverage from different providers before making a purchase. They can also purchase policies instantly and print them out or save them to their mobile devices.

Future Outlook for China Travel Insurance

The future outlook for the China travel insurance market is bright. The increasing number of Chinese outbound tourists and the growing demand for comprehensive coverage are expected to drive continued growth in the market.

In addition, the Chinese government is taking steps to promote the development of the travel insurance industry. In 2017, the CIRC issued new regulations that aimed to improve the quality of travel insurance products and services.

These regulations are expected to help the travel insurance industry in China to grow and develop in a sustainable way. As a result, Chinese travelers will have access to a wider range of high-quality travel insurance products and services.

2024-12-04

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