DUBLIN, June 27, 2023 /PRNewswire/ — The “Business Travel Accident Insurance Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global business travel accident insurance market is expected to grow from $4.95 billion in 2022 to $6.03 billion in 2023 at a compound annual growth rate (CAGR) of 21.8%. The market is expected to grow to $13.47 billion in 2027 at a CAGR of 22.2%. Europe was the largest region in the business travel accident insurance market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Where is the largest and fastest growing market for business travel accident insurance? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
Surge in business travel is expected to propel the growth of the market
For instance, according to a US-based business travel and meetings trade organization Global Business Travel Association (GBTA) on Business Travel Recovery report, in August 2022, the percentage of business travel has climbed to 86%, up from 73% in the GBTA’s February report. Therefore, the rise in business travel will drive the business travel accident insurance market.
Collaboration is a key trend in the market
Companies are entering into strategic partnerships with business travel accident insurance providers to leverage each other’s resources and enter a new market.
For instance, in July 2021, Ahlibank, a Qatar-based private banking company, entered into a partnership with Dhofar Insurance Company. Through this partnership, Ahlibank will expand its range of insurance options, including comprehensive family and home insurance policies with long-term plans. The collaboration with Dhofar Insurance will shield people and their assets from monetary risks brought on by many potential risks and any unfavorable occurrence. Dhofar Insurance Company is an Oman-based insurance service provider.
In addition, in April 2021, KMRD Partners, Inc., a UK-based risk management company providing risk management, insurance brokerage, and human capital solutions, partnered with The Hartford. The partnership aims at offering the group benefits options to small business clients. The Hartford is a US-based investment and insurance company that offers life and accidental death and dismemberment, accident, critical illness, and business travel accident insurance.
In September 2021, AllClear Travel Insurance, a UK-based travel insurance company acquired InsureandGo for an undisclosed amount. With this acquisition, AllClear will expand the client base of AllClear’s brands. InsureandGo is a UK-based travel insurance company.
Report Scope
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
A selection of major companies mentioned in this report includes:
- The Hartford Financial Services Group Inc.
- Tata AIG General Insurance Company Limited
- Starr International Company Inc.
- Zurich Insurance Group Limited
- AXA S.A.
- American International Group Inc.
- Chubb Corporation
- Tokio Marine Holdings Inc
- Woodward Markwell Insurance Brokers Limited
- Assicurazioni Generali S.p.A.
- MetLife Services and Solutions LLC
- Nationwide Mutual Insurance Company
- AWP Australia Pty. Limited
For more information about this report visit https://www.researchandmarkets.com/r/5xhwwv
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