Overview and Scope
Business travel accident insurance is a sort of pseudo-life insurance that covers the policyholders while they’re on the road. The coverage pays out if something happens, even if the policyholder has additional insurance. Business travel accident insurance covers accidental death, dismemberment, travel support services, emergency medical bills, and other losses. Business travel accident insurance is used to protect an individual or a group of individuals against accidental death and dismemberment.
Sizing and Forecast
The business travel accident insurance market size has grown exponentially in recent years. It will grow from $6.1 billion in 2023 to $7.53 billion in 2024 at a compound annual growth rate (CAGR) of 23.5%. The growth in the historic period can be attributed to rise in awareness of travel-associated risks, increased incidences of natural catastrophes and rise in healthcare costs.
The business travel accident insurance market size is expected to see exponential growth in the next few years. It will grow to $16.58 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%. The growth in the forecast period can be attributed to globalization and increase in business travel and growing volume of corporate conferences and events. Major trends in the forecast period include integration of technology to elevate services, customized coverage for diverse employee groups, business-centric travel insurance solutions, and business-centric travel insurance solutions.
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Segmentation & Regional Insights
The business travel accident insurance market covered in this report is segmented –
1) By Type: Single Trip Coverage, Annual Multi-Trip Coverage, Other Types
2) By Distribution Channel: Insurance Company, Insurance Broker, Banks, Insurance Aggregators, Other Distribution Channels
3) By End-User: Corporations, Government, International Travelers, Employees
Europe was the largest region in the business travel accident insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business travel accident insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The surge in business travel is expected to propel the growth of the business travel accident insurance market. Business travel refers to traveling from one place to another for business purposes only. As the pandemic is getting better, business travel is booming. Business travel accident insurance aids in traveling, as it insures the travelers against any losses occurring at the time of travel. 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.
Key Industry Players
Major companies operating in the business travel accident insurance market report are MetLife Inc, Allianz SE, American International Group Inc, Zurich Insurance Group, AXA,Assicurazioni Generali S.P.A., Chubb Corporation, The Hartford, Starr International Company, Tata AIG General Insurance Company Limited, Corporate Risks India Insurance Brokers Pvt Ltd, New India Assurance – General Insurance Brokers, Oriental Insurance Company, ICICI Lombard General Insurance Company, United India Insurance, HDFC ERGO Non-Life Insurance Company, Fanhua Holdings, Insubuy LLC, China Life Insurance Company Limited, SafetyWing, Genki, Insured Nomads, Sompo Japan Nipponkoa Insurance Inc, Mitsui Sumitomo Insurance Co. Ltd, Marsh & McLennan Companies UK Limited, Aon UK Limited, Arthur J Gallagher & Co, Willis Towers Watson plc, Lloyd’s of London Limited, Funk Gruppe GmbH, Ecclesia Holding GmbH, Hannover Re, Crédit Agricole Assurances, Société Générale, Sogaz Insurance Group, Ingosstrakh Insurance Co, UNIQA, Česká Pojišťovna, Groupama, RSHB Insurance, Soglasie Insurance Company, Sberbank Insurance Company LLC, Travel Insurance Center, Global Underwriters Agency Inc., International Citizens Insurance, AIG Seguros Brasil SA, Mapfre Argentina Holding S.A., Sancor Seguros Argentina, Nación Seguros, Arabia Insurance Cooperative Company, Abu Dhabi National Insurance, Dubai Insurance Co, Al-Etihad Co-operative Insurance Co, Saudi Arabian Cooperative Insurance Co., Care Line Group, De Wet De Villiers, Travelinsure, Lensure Insurance Brokers Cc, Oojah Travel Protection, Takaful Insurance of Africa, Bryte Insurance Company Limited
The business travel accident insurance market report table of contents includes:
1. Executive Summary
2. Business Travel Accident Insurance Market Characteristics
3. Business Travel Accident Insurance Market Trends And Strategies
4. Business Travel Accident Insurance Market – Macro Economic Scenario
5. Global Business Travel Accident Insurance Market Size and Growth
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32. Global Business Travel Accident Insurance Market Competitive Benchmarking
33. Global Business Travel Accident Insurance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Business Travel Accident Insurance Market
35. Business Travel Accident Insurance Market Future Outlook and Potential Analysis
36. Appendix
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