Two insurance products in Asia-Pacific are quietly booming

360F TeamAugust 21, 20254 min read

Paws and Policies: Pet Insurance Takes Off

Pet Insurance

Asia-Pacific's pet insurance market was worth US$928M in 2023. The market is projected to rise to US$1.8B by 2028 with a 15% CAGR.

Who's buying and why?

Young urban pet parents: Urban pet ownership in Southeast Asia jumped 47% between 2020–2024.
Liability & wellness seekers: Insurers bundle tele-vet services and wellness plans including tele-medicine these convert 2.2× better than accident-only policies.
Mobile-first adopters: Over 56% of APAC pet-insurance sales now happen on mobile platforms. Retail and pet-store embedded plans are the fastest-growing channel.

Passports to Premiums: Travel Insurance Surges

Travel Insurance

Asia-Pacific's travel insurance market was worth US$6.8B in 2023. Grand View Research forecasts it will reach US$20B by 2030 Asia-Pacific continues to be the fastest-growing region, with a 17% CAGR.

Adventure-hungry youth: Klook's 2024 survey found 48% of under-35s are drawn to high-risk trips and 46% travel at least quarterly. They seek coverage for extreme sports, remote locations and last-minute plans.
Singapore's runway: Singapore's travel-insurance market is set to soar from US$143M in 2023 to US$646M by 2030. With 68M passengers through Changi in 2024 and Terminal 5 adding capacity for 50M more travellers.

Asia-Pacific is insuring everything from paws to passports. What will you never leave unprotected in the next 5 years?

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