The 2006 Travel Risk Forum heard that travel insurance is becoming a greater concern for travelers. Only 1% of Chinese travelers buy insurance, compared to 98% of Western travelers. The travel insurance industry is young and needs to learn how to repackage its products to be more attractive to Chinese consumers. Traditionally, the Chinese do not like to buy insurance since they view it as placing a“curse” on their travel plans. Also, they over-value the coverage included in their travel package purchased from the travel agent, although this insurance is very limited. To change this trend, with each package sold, travel agents now remind their customers to buy separate insurance. One key to increasing insurance purchasing is to offer a comprehensive range of products such as lost luggage compensation, traditional Chinese medicine coverage, and global rescue. Read the complete story on this emerging market.
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