U.S. Business Travel Accident Insurance Market – Industry Trends and Forecast to 2028

  • FMCG
  • Published Report
  • Sep 2021
  • Country Level
  • 350 Pages
  • No of Tables: 17
  • No of Figures: 20

U.S. Business Travel Accident Insurance Market, By Type (Single Trip Coverage, Annual Multi-Trip Coverage, and Others), User Type (B2B, B2C, and B2B2C), Distribution channel (Insurance Company, Bank, Insurance Brokers, Insurance Aggregators, and Others), Coverage (Accidental Medical, Accidental Death, Accidental Dismemberment, Out-Of-Country Medical, Emergency Medical Evacuation, Security Evacuation, and Others), Policy Type (Local Policies, Global Policies, and Controlled Master Program), Business Size (Large Businesses (More Than 500 Employees), Mid-Size Businesses (10 - 500 Employees) and Small Businesses (2 - 10 Employees)), End-User (Corporate, Government and International Travellers and Employees (EXPATS)) Industry Trends and Forecast to 2028.

Market Analysis and Insights: U.S. Business Travel Accident Insurance Market

The U.S. business travel accident insurance market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 16.4% in the forecast period of 2021 to 2028 and is expected to reach USD 6,070.13 million by 2028. Rising demand for insurances with COVID-19 coverage acts as a driver for the business travel accident insurance market growth.

Every business trip is an investment for any company to grow and expand its business. It is necessary for the company to his employee at the client’s place to understand their processes, operation, and implementation together. The perils of this investment can be lost baggage and passports, personal accidents, and even a hospital stay in a strange land. The protection of business travel accident insurance is designed in such a way that it will minimize the risk and potential loss of an employee and will also compensate their families for their loss of income due to accidental death or permanent disability of an employee.

The rising demand for insurance with COVID-19 coverage could act as a major driving factor in the U.S. business travel accident insurance market. On the other hand, the lower consumer knowledge and limited guidance for insurance could act as restraints to the growth of the U.S. business travel accident insurance market.

The rise in attractive features to the coverage in the insurance plans is the lucrative opportunity that is anticipated to propel the growth of the U.S. business travel accident insurance market. However, the growing concern regarding data could challenge the growth of the market.

The U.S. business travel accident insurance market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis of the U.S. business travel accident insurance market scenario, contact Data Bridge Market Research for an Analyst Brief. Our team will help you create a revenue impact solution to achieve your desired goal.

U.S. Business Travel Accident Insurance Market U.S. Business Travel Accident Insurance Market Scope And Market Size

The U.S. business travel accident insurance market is segmented based on the type, user type, distribution channel, coverage, policy type, business size, and end-user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

  • On the basis of type, the U.S. business travel accident insurance market is segmented into single trip coverage, annual multi-trip coverage, and others. In 2021, the single trip coverage segment is expected to dominate the U.S. business travel accident insurance market as the insurances can be expensive for smaller organizations and are purchased when necessary.
  • On the basis of user type, the U.S. business travel accident insurance market has been segmented into B2B, B2C, and B2B2C. In 2021, the B2B segment is expected to dominate the U.S. business travel accident insurance market as large organizations buy multiple insurances for the employee and some even annual multi-trip coverage.
  • On the basis of distribution channels, the U.S. business travel accident insurance market has been segmented into insurance companies, banks, insurance brokers, insurance aggregators, and others. In 2021, the insurance brokers segment is expected to dominate the U.S. business travel accident insurance market due to the direct connection with the consumer for more clarity and being the traditional channel of distribution.
  • On the basis of coverage, the U.S. business travel accident insurance market has been segmented into accidental medical, accidental death, accidental dismemberment, out-of-country medical, emergency medical evacuation, security evacuation, and others. In 2021, accidental medical is expected to dominate the U.S. business travel accident insurance market as being the primary coverage in every travel insurance and the higher cost of medical coverage.
  • On the basis of policy type, the U.S. business travel accident insurance market has been segmented into local policies, global policies, and controlled master programs. In 2021, the local policies segment is expected to dominate the U.S. business travel accident insurance market due to domestic travel having a higher share in the business travel sector.
  • On the basis of business size, the U.S. business travel accident insurance market has been segmented into large businesses (more than 500 employees), mid-size businesses (10 - 500 employees), and small businesses (2 - 10 employees). In 2021, the large businesses (more than 500 employees) segment is expected to dominate the U.S. business travel accident insurance market as most large businesses purchase multiple insurances over the year, and some even have annual multi-trip insurances for regular travelers.
  • On the basis of end-user, the U.S. business travel accident insurance market has been segmented into corporate, government, and international travelers and employees (Expats). In 2021, the corporate segment is expected to dominate the U.S. business travel accident insurance market as the corporate employees have a higher frequency of travel and a higher spending capacity of corporates.

 Rising Demand For The Insurance With Covid-19 Coverage Is Boosting The Market Growth Of U.S. Business Travel Accident Insurance Market.

The U.S. business travel accident insurance market also provides you with a detailed market analysis for growth in the particular market. Additionally, it provides detailed information regarding the market players’ strategy and their geographical presence. The data is available for the historical period 2010 to 2019.

Competitive Landscape and U.S. Business Travel Accident Insurance Market Share Analysis

U.S. business travel accident insurance market competitive landscape provides details by a competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width, and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to the U.S. business travel accident insurance market.

The major companies which are dealing with the U.S. business travel accident insurance are Chubb, A.G.A. Service Company (Subsidiary of Allianz Partners), American International Group, Inc., AXA ASSISTANCE USA INC, The Hartford, American Express Company, Arch Insurance Company (Subsidiary of Arch Capital Group Ltd.), Berkshire Hathaway Specialty Insurance (Subsidiary of Berkshire Hathaway Inc.), Generali Global Assistance & Insurance Services, Company (Subsidiary of ASSICURAZIONI GENERALI S.P.A.), Insubuy, L.L.C., International Medical Group, Inc., MetLife Services and Solutions, L.L.C., Tokio Marine H.C.C. (Subsidiary of Tokio Marine Holdings, Inc.), Travel Insured International, Travelex Insurance Services Inc., and VisitorsCoverage Inc. among others, domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

Many contracts and agreements are also initiated by the companies worldwide, which are also accelerating the Business travel accident insurance market.

For instance,

  • In March 2021, Allianz Partners announced the enhancements of its travel insurance products that may provide coverage to customers who become ill with COVID-19 or a future epidemic. The enhancements add epidemic-related illness as a covered reason to cancel or interrupt a trip or seek reimbursement for emergency medical care, emergency medical transportation, change fees, and loyalty points redeposit fees. Thus the company will provide assistance to the travelers who had been impacted by the COVID-19 crisis.
  • In June 2020, Berkshire Hathaway Specialty Insurance’s brand Berkshire Hathaway Travel Protection announced the launch of ExactCare Lite, new travel insurance that is made for road trip travelers. It can protect non-refundable lodging reservations and attraction tickets, also the trip disruption caused by traffic accidents. With this, the company has provided protection for drive vacations and mishaps most likely to occur on road trips.

Customization Available: U.S. Business Travel Accident Insurance Market

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TABLE 1 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY TYPE, 2019-2028 (USD MILLION)

TABLE 2 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY USER TYPE, 2019-2028 (USD MILLION)

TABLE 3 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY DISTRIBUTION CHANNEL, 2019-2028 (USD MILLION)

TABLE 4 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY COVERAGE, 2019-2028 (USD MILLION)

TABLE 5 U.S. ACCIDENTAL MEDICAL IN BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY TYPE, 2019-2028 (USD MILLION)

TABLE 6 U.S. ACCIDENTAL DEATH IN BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY TYPE, 2019-2028 (USD MILLION)

TABLE 7 U.S. ACCIDENTAL DISMEMBERMENT IN BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY TYPE, 2019-2028 (USD MILLION)

TABLE 8 U.S. OUT-OF-COUNTRY MEDICAL IN BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY TYPE, 2019-2028 (USD MILLION)

TABLE 9 U.S. EMERGENCY MEDICAL EVACUATION IN BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY TYPE, 2019-2028 (USD MILLION)

TABLE 10 U.S. SECURITY EVACUATION IN BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY TYPE, 2019-2028 (USD MILLION)

TABLE 11 U.S. OTHERS IN BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY TYPE, 2019-2028 (USD MILLION)

TABLE 12 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY POLICY TYPE, 2019-2028 (USD MILLION)

TABLE 13 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY BUSINESS SIZE, 2019-2028 (USD MILLION)

TABLE 14 U.S. LARGE BUSINESSES (MORE THAN 500 EMPLOYEES) IN BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY COVERAGE, 2019-2028 (USD MILLION)

TABLE 15 U.S. MID SIZE BUSINESS (10-500 EMPLOYEES) IN BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY COVERAGE, 2019-2028 (USD MILLION)

TABLE 16 U.S. SMALL BUSINESSES (2-10 EMPLOYEES) IN BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY COVERAGE, 2019-2028 (USD MILLION)

TABLE 17 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY END-USER, 2019-2028 (USD MILLION)

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