The Business Research Company’s report on the Business Travel Accident Insurance Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the business travel accident insurance market’s growth in recent years?
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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How does the future projection of the business travel accident insurance market size compare to its historical growth?
The business travel accident insurance market size has grown exponentially in recent years. It will grow from $7.5 billion in 2024 to $9.27 billion in 2025 at a compound annual growth rate (CAGR) of 23.5%. The growth in the historic period can be attributed to a rise in awareness of travel-associated risks, increased incidences of natural catastrophes, and a 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 $20.07 billion in 2029 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to globalization, an increase in business travel and a growing volume of corporate conferences and events. Major trends in the forecast period include the 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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Which key players are shaping the future of the business travel accident insurance market?
Major companies operating in the business travel accident insurance market include 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, Ceská Pojištovna, 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
What trends will propel the growth and evolution of the business travel accident insurance market?
Major companies operating in the business travel accident insurance market are adopting a strategic partnership approach to enhance technology integration and expand market reach. A strategic partnership typically refers to a collaborative relationship between two or more organizations where they combine their resources, expertise, and efforts to achieve common goals or objectives. For instance, in April 2023, Zurich Insurance Company Ltd., a Switzerland-based multinational insurance and financial services company, entered into a partnership with Japan Airlines (JAL), a Japan-based commercial airline company, to enhance the travel experience for customers by offering convenient embedded travel insurance during the flight booking process, addressing travelers’ concerns about uncertainties, and providing comprehensive protection for international journeys while fostering innovation in insurance solutions.
Which regions are expected to become dominant players in the business travel accident insurance market?
Europe was the largest region in the business travel accident insurance market in 2024. 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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What are the emerging key segments in the business travel accident insurance market, and how are they evolving?
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
Subsegments:
1) By Single Trip Coverage: Short-Term Business Travel Insurance, Emergency Medical Coverage For Single Trips, Trip Cancellation Or Interruption Coverage
2) By Annual Multi-Trip Coverage: Comprehensive Annual Plans For Frequent Travelers, Medical Expense Coverage For Multiple Trips, Loss Of Baggage And Personal Belongings
3) By Other Types: Group Travel Accident Insurance, Specialty Risk Coverage, Optional Add-Ons
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What defines the structure and scope of the business travel accident insurance market?
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.
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