Business Travel Accident Insurance Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Business Travel Accident Insurance by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Business Travel Accident Insurance, 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.

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.

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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

Collaboration is a key trend in the business travel accident insurance 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.

The business travel accident insurance market report table of contents includes: