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Business Travel Insurance Market

Business Travel Insurance Market By Coverage Type (Single-Trip Travel Insurance and Multi-Trip Travel Insurance), Distribution Channels (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers and Insurance Aggregators), and Application (Domestic and International): Global Opportunity Analysis and Industry Forecast, 2021–2030

A02739
Pages: 249
Aug 2021 | 6252 Views
   
Author(s) : Pramod Borasi, Shadaab Khan , Vineet Kumar
Tables: 49
Charts: 31
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Business Travel Insurance Market Outlook – 2030 

The global business travel insurance market size was valued at $3.61 billion in 2020, and is projected to reach $20.19 billion by 2030, growing at a CAGR of 19.2% from 2021 to 2030. The business travel insurance provides security and safety during unexpected emergency medical evacuation for employees during travelling. Furthermore, business travel insurance covers companies against financial uncertainties that arise from unfortunate instances such as injuries, accidents, loss of baggage, terrorist attacks, and flight cancellation. 

With an unprecedented COVID-19 pandemic situation, the countries across the globe has experienced uncertainty & protectionism in travel and tourism sector. Moreover, to curb the spread of virus, several provincial governments has imposed lockdown, which has financially affected businesses and therefore, demand for business travel insurance has declined across the globe during the global health crisis.

Moreover, increase has been witnessed in demand for travel insurance from business, as it provides immediate coverage for personal belongings & business equipment and delivers coverage against damage caused by the insured to a third person, which drives the growth of the business travel insurance market across the globe. Furthermore, customized coverages are covered under business insurance policy, and are available at an extra premium cost depending on customer needs and demands, which fosters the growth of business travel insurance market across the globe.

Business-Travel-Insurance-Market-2021-2030

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In addition, rapid increase in national and international travel of businesses fosters the growth of business travel insurance market. Moreover, the key factors driving the growth of the global business travel insurance market trends include increase in use of digital distribution channel among the insurance providers to boost the business sales and implementation of government regulations during the cross-border travelling. 

However, lack of awareness among business owners toward travel insurance policy hampers the growth of business travel insurance market. On the contrary, increase in spending of business on different types of insurance and adoption of digital tools, such as artificial intelligence (AI), application program interface (API), global positioning system (GPS), and data analytics for delivering affordable insurance policy are expected to provide lucrative opportunity for the expansion of the global business travel insurance market. 

By coverage type, the multi-trip travel insurance segment is contributing largest market share in 2020 and is expected to witness significant growth rate during the forecast period, owing to increase in prevalence of unforeseen diseases such as injuries, illness, or death of employees during the travelling. In addition business travelers tends to travel multiple time in year, thus to reduce the cost of various damages and to increase the safety of the products enterprises are adopting multi-trip travel insurance coverage plans which is driving the growth of the market.

Region wise, the business travel insurance market was dominated by Europe in 2020. This is attributed to the fact that most of the businesses across the UK, Germany, and France have adopted business travel insurance during the COVID-19 outbreak which enhances the growth of the market. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to availability of large number of travel insurance providers such as Chubb, TATA AIG, and Bajaj Allianz across Asian countries.

The report focuses on the growth prospects, restraints, and trends of global business travel insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on global business travel insurance industry.

Business Travel Insurance Market
By Coverage Type

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Multi-Trip Travel Insurance segment is projected to be the most lucrative segment

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Segment Overview

The global business travel insurance market is segmented into coverage type, distribution channels, application and region. By coverage type, the market is segregated into single-trip travel insurance and multi-trip travel insurance. On the basis of distribution channels, it is categorized into insurance intermediaries, insurance companies, banks, insurance brokers and insurance aggregators. As per the application, the market is bifurcated into domestic and international. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Business Travel Insurance Market
By Distribution Channels

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Insurance Intermediaries segment will maintain the lead during 2021 - 2030

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Competitive Analysis 

The key players operating in the global business travel insurance market industry include Allianz, American International Group Inc., Assicurazioni Generali S.P.A., AXA, Chubb, Nationwide, Seven Corners Inc., TravelSafe, USI Insurance Services LLC, and Zurich. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.

Business Travel Insurance Market
By Application

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Domestic segment will dominate the market throughout the forecast period

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COVID-19 Impact Analysis

The emergence of COVID-19 is expected to have a negative impact on the growth of the business travel insurance market. The business travel insurance has significantly decline during the COVID-19 pandemic. This is attributed to the lockdown implemented across various countries and ban on national and international travel. In addition, as the movement of people across borders has come to a standstill due to countries which have closed their borders for visitors, the traveler preferences for domestic destinations have increased tremendously in the market. Moreover, rise in number of flights cancellations has resulted in a greater number of insurance claims, which has been negatively impacting the growth of the market after COVID-19 outbreak.

Business Travel Insurance Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific region would exhibit the highest CAGR of 21.2% during 2021 - 2030

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Top Impacting Factors

Rise in National and International Business Travel

Rapid increase in national and international travelling for business to purchase raw materials from suppliers is accelerating the business travel insurance market growth across the globe. With rise in business tourism, the incidence such as cancelled flights, accidents, health issues, theft or loss of baggage, natural calamities, and other such occurrences of uncertainties has been increasing during travelling. This fosters the demand for business travel insurance, thereby contributing toward the growth of the global market. 

Moreover, rapid digitalization in the corporate and tourism sectors and surge in penetration of Internet of Things (IoT) various business have boosted international travelling of business, which notably contributed toward the growth of the market, globally. Furthermore, increase frequency of international travelling of medium-sized business for meeting new clients, expanding their business, and learning new business trends has positively impacting the growth of the business travel insurance market.

Increase in Use of Digital Distribution Channel Among the Insurance Providers

With increase in penetration of internet, end users across the globe have shifted toward the use of digital channels for purchasing of insurance policies such as travel insurance, worker compensation insurance, and employee’s health insurance promotes the growth of the market. Increase in use of several online portals such as direct airline sites and online travel agencies (OTAs) and company websites & applications further fosters the growth of the online insurance market. 

In addition, digital insurance distribution channels have been providing several benefits to corporate owners, such as employees can immediately receive health treatment bill payment and can buy travel insurance coverages from top-rated providers. For instance, according to survey conducted by the TravelInsurance.com in 2019, digital channel offers several ways to compare from multiple travel insurance companies to purchase affordable insurance policy, which fuels the growth of market.

Key Benefits For Stakeholders     

  • The study provides an in-depth analysis of global business travel insurance market forecast along with the current trends and future estimations to elucidate the imminent investment pockets.
  • Information about key drivers, restraints, and opportunities and their impact analysis on global business travel insurance market share is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.

Business Travel Insurance Market Key Segments

By Coverage Type

  • Single-Trip Travel Insurance
  • Multi-Trip Travel Insurance

By Distribution Channels

  • Insurance Intermediaries
  • Insurance Companies
    • Online
    • Offline
  • Banks
  • Insurance Brokers
  • Insurance Aggregators

By Application

  • Domestic
  • International

By Region

  • North America
    • U.S.
    • Canada
  • Europe 
    • UK
    • Germany 
    • France
    • Italy
    • Spain
    • Netherlands
    • Rest of Europe
  • Asia-Pacific 
    • China
    • Japan
    • India
    • Australia
    • Singapore
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America 
    • Middle East 
    • Africa

Key Market Players

  • Allianz 
  • American International Group Inc.
  • Assicurazioni Generali S.P.A.
  • AXA
  • Chubb
  • Nationwide
  • Seven Corners Inc. 
  • TravelSafe
  • USI Insurance Services LLC 
  • Zurich
 

CHAPTER 1:  INTRODUCTION

1.1.REPORT DESCRIPTION
1.2.KEY MARKET SEGMENTS
1.3.KEY BENEFITS
1.4.RESEARCH METHODOLOGY

1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models

CHAPTER 2:  EXECUTIVE SUMMARY

2.1.CXO PERSPECTIVE

CHAPTER 3:  MARKET LANDSCAPE

3.1.MARKET DEFINITION AND SCOPE
3.2.KEY FINDINGS

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.PORTER'S FIVE FORCES ANALYSIS

3.3.1.Bargaining power of suppliers
3.3.2.Threat of new entrants
3.3.3.Threat of substitutes
3.3.4.Competitive rivalry
3.3.5.Bargaining power among buyers

3.4.MARKET SHARE ANALYSIS/TOP PLAYER POSITIONING 2020
3.5.MARKET DYNAMICS

3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities

CHAPTER 4:  BUSINESS TRAVEL INSURANCE MARKET BY COVERAGE TYPE

4.1.OVERVIEW
4.2. SINGLE TRIP TRAVEL INSURANCE 

4.2.1.Key market trends, growth factors and opportunities
4.2.2.Market size and forecast, by region 
4.2.3.Market share analysis, by country

4.3. MULTI TRIP TRAVEL INSURANCE

4.3.1.Key market trends, growth factors and opportunities
4.3.2.Market size and forecast, by region 
4.3.3.Market share analysis, by country

CHAPTER 5:  BUSINESS TRAVEL INSURANCE MARKET BY DISTRIBUTION CHANNELS

5.1.OVERVIEW
5.2. INSURANCE INTERMEDIARIES

5.2.1.Key market trends, growth factors and opportunities
5.2.2.Market size and forecast, by region 
5.2.3.Market share analysis, by country

5.3. INSURANCE COMPANIES

5.3.1.Key market trends, growth factors and opportunities
5.3.2.Market size and forecast, by region 
5.3.3.Market share analysis, by country

5.4. BANKS

5.4.1.Key market trends, growth factors and opportunities
5.4.2.Market size and forecast, by region 
5.4.3.Market share analysis, by country

5.5. INSURANCE BROKERS

5.5.1.Key market trends, growth factors and opportunities
5.5.2.Market size and forecast, by region 
5.5.3.Market share analysis, by country

5.6. INSURANCE AGGREGATORS

5.6.1.Key market trends, growth factors and opportunities
5.6.2.Market size and forecast, by region 
5.6.3.Market share analysis, by country

CHAPTER 6:  BUSINESS TRAVEL INSURANCE MARKET BY APPLICATION

6.1.OVERVIEW
6.2. DOMESTIC

6.2.1.Key market trends, growth factors and opportunities
6.2.2.Market size and forecast, by region 
6.2.3.Market share analysis, by country

6.3. INTERNATIONAL

6.3.1.Key market trends, growth factors and opportunities
6.3.2.Market size and forecast, by region 
6.3.3.Market share analysis, by country

CHAPTER 7:  BUSINESS TRAVEL INSURANCE MARKET BY REGION

7.1.OVERVIEW
7.2.NORTH AMERICA

7.2.1.Key market trends and opportunities
7.2.2.Market size and forecast, by coverage type
7.2.3.Market size and forecast, by distribution channels
7.2.4.Market size and forecast, by application
7.2.5.Market size and forecast, by Country
7.2.6.US

7.2.6.1.Market size and forecast, by coverage type
7.2.6.2.Market size and forecast, by distribution channels
7.2.6.3.Market size and forecast, by application

7.2.7.Canada

7.2.7.1.Market size and forecast, by coverage type
7.2.7.2.Market size and forecast, by distribution channels
7.2.7.3.Market size and forecast, by application

7.3.EUROPE

7.3.1.Key market trends and opportunities
7.3.2.Market size and forecast, by coverage type
7.3.3.Market size and forecast, by distribution channels
7.3.4.Market size and forecast, by application
7.3.5.Market size and forecast, by Country
7.3.6.UK

7.3.6.1.Market size and forecast, by coverage type
7.3.6.2.Market size and forecast, by distribution channels
7.3.6.3.Market size and forecast, by application

7.3.7.Germany

7.3.7.1.Market size and forecast, by coverage type
7.3.7.2.Market size and forecast, by distribution channels
7.3.7.3.Market size and forecast, by application

7.3.8.France

7.3.8.1.Market size and forecast, by coverage type
7.3.8.2.Market size and forecast, by distribution channels
7.3.8.3.Market size and forecast, by application

7.3.9.Italy

7.3.9.1.Market size and forecast, by coverage type
7.3.9.2.Market size and forecast, by distribution channels
7.3.9.3.Market size and forecast, by application

7.3.10.Spain

7.3.10.1.Market size and forecast, by coverage type
7.3.10.2.Market size and forecast, by distribution channels
7.3.10.3.Market size and forecast, by application

7.3.11.Netherlands

7.3.11.1.Market size and forecast, by coverage type
7.3.11.2.Market size and forecast, by distribution channels
7.3.11.3.Market size and forecast, by application

7.3.12.Rest of Europe

7.3.12.1.Market size and forecast, by coverage type
7.3.12.2.Market size and forecast, by distribution channels
7.3.12.3.Market size and forecast, by application

7.4.ASIA PACIFIC

7.4.1.Key market trends and opportunities
7.4.2.Market size and forecast, by coverage type
7.4.3.Market size and forecast, by distribution channels
7.4.4.Market size and forecast, by application
7.4.5.Market size and forecast, by Country
7.4.6.China

7.4.6.1.Market size and forecast, by coverage type
7.4.6.2.Market size and forecast, by distribution channels
7.4.6.3.Market size and forecast, by application

7.4.7.Japan

7.4.7.1.Market size and forecast, by coverage type
7.4.7.2.Market size and forecast, by distribution channels
7.4.7.3.Market size and forecast, by application

7.4.8.India

7.4.8.1.Market size and forecast, by coverage type
7.4.8.2.Market size and forecast, by distribution channels
7.4.8.3.Market size and forecast, by application

7.4.9.Australia

7.4.9.1.Market size and forecast, by coverage type
7.4.9.2.Market size and forecast, by distribution channels
7.4.9.3.Market size and forecast, by application

7.4.10.Singapore

7.4.10.1.Market size and forecast, by coverage type
7.4.10.2.Market size and forecast, by distribution channels
7.4.10.3.Market size and forecast, by application

7.4.11.Rest of Asia Pacific

7.4.11.1.Market size and forecast, by coverage type
7.4.11.2.Market size and forecast, by distribution channels
7.4.11.3.Market size and forecast, by application

7.5.LAMEA

7.5.1.Key market trends and opportunities
7.5.2.Market size and forecast, by coverage type
7.5.3.Market size and forecast, by distribution channels
7.5.4.Market size and forecast, by application
7.5.5.Market size and forecast, by Country
7.5.6.Latin America

7.5.6.1.Market size and forecast, by coverage type
7.5.6.2.Market size and forecast, by distribution channels
7.5.6.3.Market size and forecast, by application

7.5.7.Middle East

7.5.7.1.Market size and forecast, by coverage type
7.5.7.2.Market size and forecast, by distribution channels
7.5.7.3.Market size and forecast, by application

7.5.8.Africa

7.5.8.1.Market size and forecast, by coverage type
7.5.8.2.Market size and forecast, by distribution channels
7.5.8.3.Market size and forecast, by application

CHAPTER 8:  COMPANY PROFILES

8.1. ALLIANZ GROUP

8.1.1.Company overview
8.1.2.Key Executives
8.1.3.Company snapshot
8.1.4.Operating business segments
8.1.5.Product portfolio
8.1.6.Business performance
8.1.7.Key strategic moves and developments

8.2. AMERICAN INTERNATIONAL GROUP INC

8.2.1.Company overview
8.2.2.Key Executives
8.2.3.Company snapshot
8.2.4.Operating business segments
8.2.5.Product portfolio
8.2.6.Business performance
8.2.7.Key strategic moves and developments

8.3. ASSICURAZIONI GENERALI SPA

8.3.1.Company overview
8.3.2.Key Executives
8.3.3.Company snapshot
8.3.4.Operating business segments
8.3.5.Product portfolio
8.3.6.Business performance
8.3.7.Key strategic moves and developments

8.4. AXA

8.4.1.Company overview
8.4.2.Key Executives
8.4.3.Company snapshot
8.4.4.Operating business segments
8.4.5.Product portfolio
8.4.6.Business performance
8.4.7.Key strategic moves and developments

8.5. CHUBB

8.5.1.Company overview
8.5.2.Key Executives
8.5.3.Company snapshot
8.5.4.Operating business segments
8.5.5.Product portfolio
8.5.6.Business performance
8.5.7.Key strategic moves and developments

8.6. NATIONWIDE

8.6.1.Company overview
8.6.2.Key Executives
8.6.3.Company snapshot
8.6.4.Operating business segments
8.6.5.Product portfolio
8.6.6.Business performance
8.6.7.Key strategic moves and developments

8.7. SEVEN CORNERS, INC

8.7.1.Company overview
8.7.2.Key Executives
8.7.3.Company snapshot
8.7.4.Operating business segments
8.7.5.Product portfolio
8.7.6.Business performance
8.7.7.Key strategic moves and developments

8.8. TRAVELSAFE

8.8.1.Company overview
8.8.2.Key Executives
8.8.3.Company snapshot
8.8.4.Operating business segments
8.8.5.Product portfolio
8.8.6.Business performance
8.8.7.Key strategic moves and developments

8.9. USI INSURANCE SERVICES LLC

8.9.1.Company overview
8.9.2.Key Executives
8.9.3.Company snapshot
8.9.4.Operating business segments
8.9.5.Product portfolio
8.9.6.Business performance
8.9.7.Key strategic moves and developments

8.10. ZURICH 

8.10.1.Company overview
8.10.2.Key Executives
8.10.3.Company snapshot
8.10.4.Operating business segments
8.10.5.Product portfolio
8.10.6.Business performance
8.10.7.Key strategic moves and developments

Note:
o*Details on financial performance and strategic moves and developments may not be captured for unlisted companies.
o*List of companies profiled in this TOC is tentative and may change after detailed analysis.
o*Market size and forecast will be provided from 2020-2030, and forecast period would be 2021-2030.

LIST OF TABLES

TABLE 1.GLOBAL BUSINESS TRAVEL INSURANCE MARKET, BY COVERAGE TYPE 2020-2030 ($MILLION)
TABLE 2.BUSINESS TRAVEL INSURANCE MARKET FOR SINGLE TRIP TRAVEL INSURANCE , BY REGION,  2020-2030 ($MILLION)
TABLE 3.BUSINESS TRAVEL INSURANCE MARKET FOR MULTI TRIP TRAVEL INSURANCE, BY REGION,  2020-2030 ($MILLION)
TABLE 4.GLOBAL BUSINESS TRAVEL INSURANCE MARKET, BY DISTRIBUTION CHANNELS 2020-2030 ($MILLION)
TABLE 5.BUSINESS TRAVEL INSURANCE MARKET FOR INSURANCE INTERMEDIARIES, BY REGION,  2020-2030 ($MILLION)
TABLE 6.BUSINESS TRAVEL INSURANCE MARKET FOR INSURANCE COMPANIES, BY REGION,  2020-2030 ($MILLION)
TABLE 7.BUSINESS TRAVEL INSURANCE MARKET FOR BANKS, BY REGION,  2020-2030 ($MILLION)
TABLE 8.BUSINESS TRAVEL INSURANCE MARKET FOR INSURANCE BROKERS, BY REGION,  2020-2030 ($MILLION)
TABLE 9.BUSINESS TRAVEL INSURANCE MARKET FOR INSURANCE AGGREGATORS, BY REGION,  2020-2030 ($MILLION)
TABLE 10.GLOBAL BUSINESS TRAVEL INSURANCE MARKET, BY APPLICATION 2020-2030 ($MILLION)
TABLE 11.BUSINESS TRAVEL INSURANCE MARKET FOR DOMESTIC, BY REGION,  2020-2030 ($MILLION)
TABLE 12.BUSINESS TRAVEL INSURANCE MARKET FOR INTERNATIONAL, BY REGION,  2020-2030 ($MILLION)
TABLE 13.BUSINESS TRAVEL INSURANCE MARKET FOR , BY REGION, , 2020-2030 ($MILLION)
TABLE 14.NORTH AMERICA BUSINESS TRAVEL INSURANCE, BY COVERAGE TYPE 2020-2030 ($MILLION)
TABLE 15.NORTH AMERICA BUSINESS TRAVEL INSURANCE, BY DISTRIBUTION CHANNELS 2020-2030 ($MILLION)
TABLE 16.NORTH AMERICA BUSINESS TRAVEL INSURANCE, BY APPLICATION 2020-2030 ($MILLION)
TABLE 17.NORTH AMERICA BUSINESS TRAVEL INSURANCE, BY REGION,  2020-2030 ($MILLION)
TABLE 18.EUROPE BUSINESS TRAVEL INSURANCE, BY COVERAGE TYPE 2020-2030 ($MILLION)
TABLE 19.EUROPE BUSINESS TRAVEL INSURANCE, BY DISTRIBUTION CHANNELS 2020-2030 ($MILLION)
TABLE 20.EUROPE BUSINESS TRAVEL INSURANCE, BY APPLICATION 2020-2030 ($MILLION)
TABLE 21.EUROPE BUSINESS TRAVEL INSURANCE, BY REGION,  2020-2030 ($MILLION)
TABLE 22.ASIA PACIFIC BUSINESS TRAVEL INSURANCE, BY COVERAGE TYPE 2020-2030 ($MILLION)
TABLE 23.ASIA PACIFIC BUSINESS TRAVEL INSURANCE, BY DISTRIBUTION CHANNELS 2020-2030 ($MILLION)
TABLE 24.ASIA PACIFIC BUSINESS TRAVEL INSURANCE, BY APPLICATION 2020-2030 ($MILLION)
TABLE 25.ASIA PACIFIC BUSINESS TRAVEL INSURANCE, BY REGION,  2020-2030 ($MILLION)
TABLE 26.LAMEA BUSINESS TRAVEL INSURANCE, BY COVERAGE TYPE 2020-2030 ($MILLION)
TABLE 27.LAMEA BUSINESS TRAVEL INSURANCE, BY DISTRIBUTION CHANNELS 2020-2030 ($MILLION)
TABLE 28.LAMEA BUSINESS TRAVEL INSURANCE, BY APPLICATION 2020-2030 ($MILLION)
TABLE 29.LAMEA BUSINESS TRAVEL INSURANCE, BY REGION,  2020-2030 ($MILLION)
TABLE 30.ALLIANZ GROUP: COMPANY SNAPSHOT
TABLE 31.ALLIANZ GROUP: OPERATING SEGMENTS
TABLE 32.AMERICAN INTERNATIONAL GROUP INC: COMPANY SNAPSHOT
TABLE 33.AMERICAN INTERNATIONAL GROUP INC: OPERATING SEGMENTS
TABLE 34.ASSICURAZIONI GENERALI SPA: COMPANY SNAPSHOT
TABLE 35.ASSICURAZIONI GENERALI SPA: OPERATING SEGMENTS
TABLE 36.AXA: COMPANY SNAPSHOT
TABLE 37.AXA: OPERATING SEGMENTS
TABLE 38.CHUBB: COMPANY SNAPSHOT
TABLE 39.CHUBB: OPERATING SEGMENTS
TABLE 40.NATIONWIDE: COMPANY SNAPSHOT
TABLE 41.NATIONWIDE: OPERATING SEGMENTS
TABLE 42.SEVEN CORNERS, INC: COMPANY SNAPSHOT
TABLE 43.SEVEN CORNERS, INC: OPERATING SEGMENTS
TABLE 44.TRAVELSAFE: COMPANY SNAPSHOT
TABLE 45.TRAVELSAFE: OPERATING SEGMENTS
TABLE 46.USI INSURANCE SERVICES LLC: COMPANY SNAPSHOT
TABLE 47.USI INSURANCE SERVICES LLC: OPERATING SEGMENTS
TABLE 48.ZURICH : COMPANY SNAPSHOT
TABLE 49.ZURICH : OPERATING SEGMENTS

LIST OF FIGURES

'FIGURE 1.GLOBAL BUSINESS TRAVEL INSURANCE MARKET SEGMENTATION
FIGURE 2.TOP INVESTMENT POCKET
FIGURE 3.TOP WINNING STRATEGIES (%)
FIGURE 4.BUSINESS TRAVEL INSURANCE MARKET FOR SINGLE TRIP TRAVEL INSURANCE , 2020-2030 ($MILLION)
FIGURE 5.BUSINESS TRAVEL INSURANCE MARKET FOR MULTI TRIP TRAVEL INSURANCE, 2020-2030 ($MILLION)
FIGURE 6.BUSINESS TRAVEL INSURANCE MARKET FOR INSURANCE INTERMEDIARIES, 2020-2030 ($MILLION)
FIGURE 7.BUSINESS TRAVEL INSURANCE MARKET FOR INSURANCE COMPANIES, 2020-2030 ($MILLION)
FIGURE 8.BUSINESS TRAVEL INSURANCE MARKET FOR BANKS, 2020-2030 ($MILLION)
FIGURE 9.BUSINESS TRAVEL INSURANCE MARKET FOR INSURANCE BROKERS, 2020-2030 ($MILLION)
FIGURE 10.BUSINESS TRAVEL INSURANCE MARKET FOR INSURANCE AGGREGATORS, 2020-2030 ($MILLION)
FIGURE 11.BUSINESS TRAVEL INSURANCE MARKET FOR DOMESTIC, 2020-2030 ($MILLION)
FIGURE 12.BUSINESS TRAVEL INSURANCE MARKET FOR INTERNATIONAL, 2020-2030 ($MILLION)
FIGURE 13.GLOBAL BUSINESS TRAVEL INSURANCE, BY REGION,  2020 (%)
FIGURE 14.US BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 15.CANADA BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 16.UK BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 17.GERMANY BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 18.FRANCE BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 19.ITALY BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 20.SPAIN BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 21.NETHERLANDS BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 22.REST OF EUROPE BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 23.CHINA BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 24.JAPAN BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 25.INDIA BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 26.AUSTRALIA BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 27.SINGAPORE BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 28.REST OF ASIA PACIFIC BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 29.LATIN AMERICA BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 30.MIDDLE EAST BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 31.AFRICA BUSINESS TRAVEL INSURANCE MARKET, 2020-2030 ($MILLION)

 
 

The adoption of business travel insurance has increased over time, due to rapid increase in national and international travelling for businesses. Moreover, the key factors driving the growth of the global business travel insurance market trends include increase in use of digital distribution channel among insurance providers to boost the business sales and strengthened government regulations toward cross-border travelling. In addition, business travel insurance providers are looking forward to expand their insurance policies to provide modified coverages for their consumers, which accelerates the growth of market during the upcoming years.  

Most of the intermediators across the UK, Germany, France and other countries of Europe have been offering business travel insurance to their customers, which is expected to provide lucrative opportunities for the market growth. Moreover, emerging countries in Asia-Pacific and North America are projected to offer significant growth opportunities during the forecast period.

The global players such as Assicurazioni Generali S.P.A., Axa, Chubb and Nationwide are focusing toward product development and increasing their geographical presence, owing to intense competition among local vendors and rise in need to increase the market share of these companies. In addition, these players are adopting various business strategies such as product launch, product development, and partnership to strengthen their foothold in the market.

For instance, in March 2021, Allianz, one of the leading insurance providers across the globe, developed their existing business travel insurance product by allowing specific medical and cancellation claims options. In addition, it will accommodate claims for trip cancellation and emergency medical care for customers having positive coronavirus cases as well as cancellation claims for customers traveling to South Korea, China, Lombardy, and Veneto regions of Italy.

Furthermore, several business travel insurance providers across the globe have announced partnership with travelling agencies to offer affordable insurance services. For instance, February 2019, American International Group, Inc. partnered with Finnair, which is one of the largest airlines services providers, together launched an insurance site at finnair.com selling AIG’s insurance products. In addition, the site aims at providing multiple products for business travelers and to increase security & protection during the trip. This is considered as an important factor contributing toward the growth of market across the globe.

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A. The Business Travel Insurance Market is estimated to grow at a CAGR of 19.2% from 2021 to 2030.

A. The Business Travel Insurance Market is projected to reach $20.19 billion by 2030.

A. To get the latest version of sample report

A. Increase in use of digital distribution channel among insurance providers and strengthened government regulations etc. boost the Business Travel Insurance market growth.

A. The key players profiled in the report include Allianz, American International Group Inc., Assicurazioni Generali S.P.A., AXA, and many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The Business Travel Insurance Market is segmented on the basis of coverage type, distribution channels, application and region.

A. The key growth strategies of Business Travel Insurance market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

A. Insurance Aggregators segment would grow at a highest CAGR of 25.0% during the forecast period.

A. Asia-Pacific region will dominate the market by the end of 2030.

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