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Increase in number of business trips, increase in expenditure on business travel and expansion of overseas trade are expected to drive the market growth.
As the economy becomes more global, international corporate travel is becoming an integral part of many businesses. Many companies send their employees to experience new places for work purposes, meet suppliers or business partners, attend conferences or business events, explore different career paths, or send their business overseas. Companies and businesses offer business travel insurance to protect their employees while traveling for business purposes. Most travel insurance packages cover flight cancellations and delays, accidents, illness, bodily injury and death to the employee while traveling, loss and theft of luggage, smartphones, laptops, medical emergencies, international perils and emergencies like volcanic ash clouds, Terrorist attacks and global pandemics. The insurance price depends on the destination of the business trip, the number of employees traveling and the duration of the business trip.
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Factors such as rapid increase in domestic and international business travel, increasing demand for travel insurance due to instant casualty coverage, availability of customized coverage, and increased use of digital distribution channels by insurance providers are expected to drive revenue growth of the global market during the forecast period. time.
However, stringent business travel insurance regulations, low awareness among business owners about suitable travel insurance policies, and restrictions on international travel activities amid the Covid-19 pandemic are expected to restrain the overall market growth.
Insurance company segment to register fastest revenue CAGR:
The insurance company segment is expected to register a revenue CAGR during the forecast period. This can be attributed to the increase in overseas business travel, availability of affordable and attractive business travel insurance packages, growing demand for full coverage travel insurance plans and increased focus by insurance companies to offer cheap and attractive business travel insurance packages.
Annual multi-trip coverage section for a large income share account:
The annual multi-trip coverage segment is expected to account for the largest share of revenue during the forecast period. Increased preference for annual travel cover is expected to drive segment revenue growth during the forecast period due to increased incidence of unexpected illness, illness or death of employees while travelling, increased likelihood of business travelers traveling more times in a year and better coverage at lower cost. time.
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Asia Pacific to achieve fastest revenue growth:
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• AIG
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• General
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• PCC
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• Chubb
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• Mapfre help
• Hanseatic Mercury
• Pin An
For the purpose of this report, Xcellent Insights has segmented the global business travel insurance market by type, application, and region:
Business Travel Insurance Market Segment by Type:
• Single travel coverage
• Annual multi-trip coverage
• Others
Browse complete report summary with TOC: https://www.xcelentinsights.com/reports/business-travel-insurance-market-60014
Business Travel Insurance Market Segment by Application:
• Insurance intermediaries
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• Bank
• Insurance broker
• Others
Business Travel Insurance Market Segment by Region:
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The following market research reports may be of interest:
Global Family Travel Insurance Market Insights, Forecast to 2028
Global Cruise Travel Insurance Market Insights, Forecast to 2028
Global Adventure Sports Travel Insurance Market Insights, Forecast to 2028
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