Rise in incidences of loss of luggage due to increase in tourist arrivals to drive the growth of United States business travel insurance market.
According to TechSci Research report, “United States Business Travel Insurance Market By Type of User (B2B, B2C, B2B2C), By Insurance Cover (Single trip travel insurance, Annual multi-trip travel insurance, Long-stay travel insurance), By Distribution Channel (Bank, Insurance company, Insurance intermediaries, Insurance broker, Insurance Trade, Insurance Aggregator, Others), By Region, Forecast & Opportunities, 2025”, the United States business travel insurance market is expected to grow at a formidable rate during the forecast period on account of the strict travel insurance regulations mandate and a growing number of global security concerns related to international travel. Additionally, factors such as rise in the number of international trips for business purposes, increase in number of price comparison websites, increase in number of multi-trip policies, expansion in overseas business, among others are further driving the growth of market during the next five years. Furthermore, associated benefits such as risk cover against medical and hospitalization expenses for accidents or illnesses, including medical evacuation if necessary, death or permanent disability, loss or delay of baggage, cancellation of flight due to bad weather conditions, trip cancellation and loss of passport & other travel documents are driving the market in the country. However, lack of awareness among the consumers regarding obtaining travel insurance can hamper the growth of market during forecast period.
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The United States business travel insurance market is segmented based on type of user, insurance cover, distribution channel, company and region. Based on insurance cover, the market can be fragmented into single trip travel insurance, annual multi-trip travel insurance and long-stay travel insurance. The single trip travel insurance segment is expected to dominate the market during the forecast period on account of the increasing popularity and affordability. Additionally, growing number of business travels and rising awareness among the employers about the various corporate travel insurance policies are further driving the growth of the segment during the forecast period. The multi-trip insurance segment is expected to register the highest growth during the forecast period in order to avoid last minute purchasing hassles and to gain cost effective plans. Additionally, this is one of the most preferred type of insurance segment chosen by various enterprises.
Seven Corners Inc., Travel Safe Insurance, USI Insurance Services LLC, MH Ross Travel Insurance Services Inc., American International Group, Inc., Chubb Ltd., Search Results, CSA Travel Protection, MetLife, Inc, Allianz and others are some of the leading players operating in United States business travel insurance market. For instance, in 2017, Chubb Ltd. launched an enhanced travel smart application to provide safety alerts for the business travellers. Further, the company has been keen in providing 24/7 emergency medical and security assistance to the business travellers throughout the year.
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“United States business travel insurance market is expected to witness significant growth during the forecast period, owing to the increasing spending on the employee travel in the country. Additionally, enhanced travel options and advanced technological access have made business traveler’s access to insurance companies easier, which is further expected to propel the market over the coming years. Furthermore, the presence of key players in the country such as Travel Safe Insurance, USI Insurance Services LLC, Chubb Ltd., Search Results, among others are expected to propel the market during the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Business Travel Insurance Market By Type of User (B2B, B2C, B2B2C), By Insurance Cover (Single trip travel insurance, Annual multi-trip travel insurance, Long-stay travel insurance), By Distribution Channel (Bank, Insurance company, Insurance intermediaries, Insurance broker, Insurance Trade, Insurance Aggregator, Others), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of United States business travel insurance market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in United States business travel insurance market.
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