Two Allianz Group subsidiaries, Allianz China Life and Mondial Assistance, have teamed up to launch a travel insurance product, Carefree Overseas Travel Insurance, for Chinese tourists.

According to a press release, more than 34 million Chinese people traveled abroad in 2006 – a number that has tripled since 2001. Furthermore, China’s rapidly growing economy is expected to fuel further outbound travel, with experts predicting that there will be more than 100 million trips abroad each year by 2020.

The new travel insurance product is expected to serve this growing market and covers overseas emergency hospitalization, travel delay, loss of travel documents, among other things.

Christian Molt, CEO of Allianz China Life, said: Travel insurance is clearly a growth market, and this market provides huge opportunities for Allianz. Allianz can combine both its advantages as assistance and insurance providers to develop better products for its clients.

Allianz China Life adds extra benefits to the product as its insurance packages meet the visa requirements of the 15 Schengen countries within the EU.

Meanwhile, Mondial Assistance offers a high level of service if customers become ill or have an accident while traveling. Customers simply call one number and a Mondial Assistance specialist speaking their language will organize help; medical care, hospitalization, and even accompanied transport home if needed. Mondial’s worldwide hospital database enables the co-ordinators to find the right place for treatment, even in countries with few or unreliable medical facilities.

Carefree Overseas Travel Insurance will be distributed through Allianz China Life agents and direct sales channels.