Rise in global business travel, heightened awareness of travel risks, and increase in emphasis that corporations place on the well-being of their employees drive the growth of the business travel accident insurance market.
PORTLAND, Ore., Nov. 25, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Business Travel Accident Insurance Market by Type (Single-Trip Travel Insurance and Multi-Trip Travel Insurance), Application (Domestic and International), and Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global business travel accident insurance industry generated $4.13 billion in 2022, and is anticipated to generate $30.20 billion by 2032, witnessing a CAGR of 22.2% from 2023 to 2032.
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Prime determinants of growth
The business travel accident insurance market is expected to witness notable growth owing to rise in global business travel. With this rise in travel, there is a greater awareness among businesses about the potential risks employees face while on these trips which drives the adoption of business travel accident insurance policies. Furthermore, an increase in awareness of travel risks, and corporate emphasis on employee well-being further fuels the growth of the market. Moreover, advancement in technology is expected to provide a lucrative opportunity for the growth of the market during the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2022–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$4.13 billion |
|
Market Size in 2032 |
$30.20 billion |
|
CAGR |
22.2 % |
|
No. of Pages in Report |
312 |
|
Segments Covered |
Type, Application, Distribution Channel, and Region. |
|
Drivers |
Rise in global business travel Heightened awareness of travel risks Corporate emphasis on employee well-being |
|
Opportunities |
Advancement in technology |
|
Restraints |
High cost associated with business travel accident insurance |
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COVID-19 scenario
The COVID-19 pandemic negatively impacted the business travel accident insurance market size. During the pandemic, businesses implemented travel restrictions and employees shifted to remote work, leading to a decline in business travel. This reduced the demand for business travel accident insurance as fewer employees were undertaking work-related trips.
Companies reassessed their travel policies, and some chose to reduce insurance coverage due to the decreased travel activities, contributing to a contraction in the market.
The multi-trip travel insurance segment to maintain its leadership status throughout the forecast period
By type, the multi-trip travel insurance segment held the highest market share in 2022, accounting for around three-fifths of the global business travel accident insurance market revenue, and is projected to manifest the highest CAGR of 23.6% from 2023 to 2032. This is attributed to the increasing number of professionals engaging in frequent business travel. Businesses are recognizing the efficiency and cost-effectiveness of providing comprehensive coverage for multiple trips under a single policy, streamlining administrative processes. The convenience and time-saving aspect of an annual plan for regular travelers contribute to the rising popularity of multi-trip insurance.
The domestic segment to maintain its leadership status throughout the forecast period
By application, the domestic segment held the highest market share in 2022, accounting for more than two-thirds of the global business travel accident insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increasing trend of professionals traveling within their own country for work which has created a higher demand for insurance coverage tailored to domestic business trips. However, the international segment is projected to manifest the highest CAGR of 25.2% from 2023 to 2032, owing to the increasing globalization of businesses. As more companies expand their operations globally, employees frequently embark on international trips for work. The complexity and unique challenges of travel abroad, including diverse healthcare systems and potential unforeseen events, emphasize the need for specialized insurance coverage.
The insurance intermediaries segment to maintain its leadership status throughout the forecast period
By distribution channel, the insurance intermediaries segment held the highest market share in 2022, accounting for nearly one-third of the global business travel accident insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increase in use of digital platforms to sell insurance products among insurance intermediaries. However, the virtual assistants and customer support segment is projected to manifest the highest CAGR of 27.1% from 2023 to 2032, owing to increase in partnership between insurance providers to deliver affordable business travel insurance policies.
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Europe to maintain its dominance by 2032
By region, Europe held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global business travel accident insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the increase in globalization of businesses, which has led to a rise in corporate travel, emphasizing the need for comprehensive insurance coverage. Furthermore, the increase in awareness of potential risks, and the emphasis on corporate responsibility drives the growth of the business travel accident insurance market in Europe. However, Asia-Pacific is expected to witness the fastest CAGR of 25.1% from 2023 to 2032. This is attributed to the rapid economic development in the region and heightened awareness of travel-related risks.
Leading Market Players: –
American International Group, Inc.
Arch Capital Group Ltd.
AXA SA
Chubb
MetLife Services and Solutions, LLC
Starr International Company, Inc.
Tata AIG General Insurance Company Limited
The Hartford
VisitorsCoverage Inc.
Zurich American Insurance Company
The report provides a detailed analysis of these key players of the global business travel accident insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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