Global Business Travel Accident Insurance Market, By Type (Single Trip Coverage, Annual Multi-Trip Coverage, Others), Distribution Channel (Insurance Company, Insurance Broker, Banks, Insurance Aggregators, Others), End User (Corporations, Government and International Travelers, Employees) - Industry Trends and Forecast to 2029
Market Analysis and Size
Business travel accident insurance have become of high use across numerous businesses and corporations to decline the potential liability when their personnel travel. Business Travel Accident Insurance majorly covers accidental death and dismemberment, along with medical benefits such as sickness. These policies may even be extended to include coverage for employees working on-site.
Global Business Travel Accident Insurance Market was valued at USD 3.97 billion in 2021 and is expected to reach USD 39.87 billion by 2029, registering a CAGR of 9.90% during the forecast period of 2022-2029. “Annual Multi-Trip Coverage” accounts for the largest type segment in the respective market owing to the increase in prevalence of unforeseen diseases. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Business Travel Accident (BTA) insurance refers to a supplemental insurance policy that delivers occupational and non-occupational accident. These insurances includes coverage for employees and their dependent spouses and children when traveling on corporate business. The insurance offers numerous benefits for many companies, especially for personnel who travel worldwide.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Single Trip Coverage, Annual Multi-Trip Coverage, Others), Distribution Channel (Insurance Company, Insurance Broker, Banks, Insurance Aggregators, Others), End User (Corporations, Government and International Travelers, Employees)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Assicurazioni Generali S.P.A. (Italy), MetLife Services and Solutions Inc. (India), Nationwide Mutual Insurance Company (US), AWP Australia Pty Ltd. (Australia), AXA (France), American International Group, Inc. (US), Chubb (Switzerland), Tokio Marine Holdings, Inc. (Japan), Woodward Markwell Insurance Brokers (UK), The Hartford (US), Tata AIG General Insurance Company Limited (India), and Starr International Company Inc. (US), among others
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Market Opportunities
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Business Travel Accident Insurance Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Unexpected Emergency Medical Evacuation
The rise in the demand for business travel accident (BTA) insurance as it offers security and safety during unexpected emergency medical evacuation for employees acts as one of the major factors driving the business travel accident insurance market. This covers companies against financial uncertainties that may arise from unfortunate instances such as accidents, baggage, flight cancellation, injuries and loss of baggage.
- Global Economic Growth
The rise in the economic growth along with transformation of trade practices accelerate the market growth. The increase in popularity of price comparison applications and websites and trend of multi-trip policies have positive impact on the market.
- Increase in Travel
The increase in national and international travel of businesses further influence the growth of the market. Also, use of digital distribution channel among the insurance providers to enhance business sales along with implementation of government regulations drive the market growth.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the business travel accident insurance market.
Opportunities
Furthermore, adoption of digital tools, such as artificial intelligence (AI), and application program interface (API) extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, increase in spending of business on different types of insurance will further expand the market.
Restraints/Challenges
On the other hand, high cost associated with the quality business travel accident insurance is expected to obstruct market growth. Also, lack of awareness among business owners toward travel insurance policy is projected to challenge the business travel accident insurance market in the forecast period of 2022-2029.
This business travel accident insurance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on business travel accident insurance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Business Travel Accident Insurance Market
The COVID-19 had a negative impact on the growth of the business travel insurance market. The business travel insurance witnessed decline during the COVID-19 pandemic. The outbreak of COVID caused lockdown across various countries and ban on national and international travel. The movement of people across borders came to a standstill due to countries closing their borders for visitors. However, the traveler preferences for domestic destinations increased tremendously in the market. The rise in number of flights cancellations enhanced number of insurance claims that negatively impacted the growth of the market after COVID-19 outbreak.
Global Business Travel Accident Insurance Market Scope and Market Size
The business travel insurance market is segmented on the basis of type, distribution channel and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Single Trip Coverage
- Annual Multi-Trip Coverage
- Others
Distribution Channel
- Insurance Company
- Insurance Broker
- Banks
- Insurance Aggregators
- Others
End User
- Corporations
- Government
- International Travelers
- Employees
Business Travel Accident Insurance Market Regional Analysis/Insights
The business travel insurance market is analysed and market size insights and trends are provided by country, type, distribution channel and end user as referred above.
The countries covered in the business travel insurance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Europe dominates the business travel insurance market due to the rise in expansion of businesses and large market share of the UK and Germany.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 because of the surge in investments and increase in travel in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Business Travel Accident Insurance Market
The business travel insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to business travel insurance market.
Some of the major players operating in business travel insurance market are
- Assicurazioni Generali S.P.A. (Italy)
- MetLife Services and Solutions Inc. (India)
- Nationwide Mutual Insurance Company (US)
- AWP Australia Pty Ltd. (Australia)
- AXA (France)
- American International Group, Inc. (US)
- Chubb (Switzerland)
- Tokio Marine Holdings, Inc. (Japan)
- Woodward Markwell Insurance Brokers (UK)
- The Hartford (US)
- Tata AIG General Insurance Company Limited (India)
- Starr International Company Inc. (US)
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