Global Business Travel Accident Insurance Market Size 2024, Forecast To 2033
11 Mar, 2024
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 the 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.
Global Business Travel Accident Insurance Market Key Driver
The surge in business travel is anticipated to fuel the growth of the business travel accident insurance market. Business travel, referring to travel exclusively for business purposes, has experienced a resurgence as the pandemic situation improves. Business travel accident insurance plays a crucial role in insuring travelers against potential losses during their journeys. According to the Global Business Travel Association (GBTA) on Business Travel Recovery report in August 2022, business travel has rebounded to 86%, a notable increase from 73% in the GBTA's February report. This resurgence in business travel activity is expected to drive the demand for business travel accident insurance, emphasizing the market's growth trajectory. Market sizes in 2023, 2024, and 2028 provide critical insights into the evolving landscape of the business travel accident insurance market.
Get A Free Sample Of The Global Business Travel Accident Insurance Market ReportGlobal Business Travel Accident Insurance Market Segments
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
By Geography:The regions covered in the business travel accident insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
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.
Major Business Travel Accident Insurance Industry Players
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
Get The Full Global Business Travel Accident Insurance Market ReportBusiness Travel Accident Insurance Market Overview
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.
Business Travel Accident Insurance Global Market Report 2023 provides data on the global business travel accident insurance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The business travel accident insurance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.