At 18.40% CAGR, Global Corporate Travel Insurance Market

DUBLIN, Ireland, Aug. 09, 2022 (GLOBE NEWSWIRE) — According to Facts and Factors has published a new research report titled “Corporate Travel Insurance Market Size, Share, Growth Analysis Report By Coverage Type (Single-Trip Travel Insurance and Annual Multi-Trip Travel Insurance), By Distribution Channels (Insurance Intermediaries, Banks, Insurance Companies, Insurance Aggregators, Insurance Brokers,and Others), By End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Corporate Travel Insurance Market size & share in terms of revenue was worth of USD 3,729.40 million in 2021 and it is expected to surpass around USD 10,274.23 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 18.40% during the forecast period 2022 to 2028.”

What is Corporate Travel Insurance? How big is the Corporate Travel Insurance Industry?

Corporate Travel Insurance is a market-leading business travel insurance program for today’s busy business travellers. An increasing number of employees, from top firm executives to basic sales personnel, work in an ever-widening range of businesses, both large and small, and corporate travel are a regular part of their jobs. There are several travel risks for business travellers and difficulties for companies if their workers become ill or are hurt while working abroad.

In some cases, an immediate departure from a nation with insufficient medical facilities or a politically risky area is necessary. Therefore, corporate travel insurance covers these risks in addition to the frequent ones like airline delays, misplaced luggage, and missing travel papers. Emergency help is only a phone call away with access to a high-quality assistance service available around the clock.

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Report Scope

Market Growth Factors

The demand for travel insurance from businesses has also increased because it offers immediate coverage for personal belongings and business equipment as well as delivers coverage against damage caused by the insured to a third party, which fuels the expansion of the business travel insurance market globally. Additionally, tailored coverages are included in corporate insurance policies and are offered at an additional premium cost based on customer needs and requests, which promotes the expansion of the global market for business travel insurance.

The market for business travel insurance is growing, but business owners’ ignorance of travel insurance policies is impeding its expansion. The adoption of digital tools like artificial intelligence (A.I.), application program interface (API), a global positioning system (G.P.S.), and data analytics for the delivery of affordable insurance policies, on the other hand, is expected to create lucrative opportunities for the growth of the global business travel insurance market.

Browse the full “Corporate Travel Insurance Market – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/corporate-travel-insurance-market

Corporate Travel Insurance Market: COVID-19 Impact Analysis

It is envisaged that the development of COVID-19 will act as a barrier to the growth of the corporate travel insurance business. The pandemic caused by the COVID-19 virus has resulted in a significant decrease in business travel insurance. This is a direct consequence of the travel restrictions and nationwide lockdowns that have been enacted in a number of different countries.

In addition, as a result of countries’ restricting entry to non-citizens, international travel has come to a complete halt, and preferences for domestic travel have considerably expanded in the market. Since the COVID-19 outbreak, there have also been more flights that have been canceled, which has led to more insurance claims. This has slowed the growth of the market.

Corporate Travel Insurance Market: Segmentation Analysis

Coverage type, distribution channels, and end users are the segments used to analyze the global business travel insurance market. The market is divided into annual multi-trip travel insurance and single-trip travel insurance based on the kind of coverage. In 2021, the single-trip travel insurance category dominated the global market. It is divided into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators based on the distribution channels.

In 2021, insurance brokers had a significant share. The market is segmented on the end user into senior citizens, students, business travelers, family travelers, and others. In 2021, the travel insurance market’s largest revenue share was obtained by the Family Travelers sector.

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Competitive Landscape

Some of the main competitors dominating the global Corporate Travel Insurance market include – 

• ALLIANZ
• AMERICAN INTERNATIONAL GROUP INC.
• AssicurazioniGenerali S.P.A.
• A.X.A.
• Insure and Go Insurance Services Limited
• Seven Corners Inc.
• Trip Mate Inc.
• Travel Insured International
• Travel Safe Insurance
• USI INSURANCE SERVICES LLC

Key Insights from Primary Research:

• As per the analysis shared by our research analyst, the Corporate Travel Insurance market is estimated to grow annually at a CAGR of around 18.40%over the forecast period (2022-2028).
• In Terms Of Revenue, The Corporate Travel Insurance market size was valued at around US$ 3,729.40 million in 2021and is projected to reach US$ 10,274.23 million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• By Coverage type, the single-trip travel insurance category dominated the global market in 2021.
• By the year 2021, insurance brokers were expected to have a sizable part of the market on the basis of distribution channel segment.
• In terms of end user, Family Travellers dominated the travel insurance industry in 2021.
• Europe has become the biggest travel insurance market in the world, by regional analysis.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Corporate Travel Insurance industry?
• What are the main driving factors propelling the Corporate Travel Insurance Market forward?
• What are the leading companies in the Corporate Travel Insurance Industry?
• What segments does the Corporate Travel Insurance Market cover?
• How can I receive a free copy of the Corporate Travel Insurance Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2022−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis by Coverage Type, Distribution Channel, End-User, and Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

Regional Dominance:

With the largest revenue share, Europe has emerged as the market’s dominant region for travel insurance. The sector is expanding as a result of growing tourism patterns in the European region as well as regional requirements for health, safety, and hygiene. Along with that, the area travel insurance market is expanding due to the presence of numerous historical monuments, significant businesses, and institutions. This is explained by the fact that during the COVID-19 outbreak, the majority of enterprises in the UK, Germany, and France bought business travel insurance, which accelerated the market’s growth.

However, Asia-Pacific is anticipated to have considerable growth throughout the projected period due to the presence of numerous travel insurance providers throughout Asian nations, including Chubb, TATA AIG, and Bajaj Allianz.

Recent Developments

• In November 2021, A.I.G. Canada and Goose Insurance Services, a cutting-edge provider of insurance technology, partnered. The goal of this agreement was to make A.I.G. products available via the Goose Insurance Super-App. Additionally; it takes less than a minute for Canadians to purchase products from A.I.G. Canada.
• Nov. 2021 saw Zurich and travel insurance guru InsureandGo strike a contract with AllClear. Through this collaboration, Zurich would invest in travel-related products from AllClear and InsureandGo as well as its partner businesses.

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The global Corporate Travel Insurance market is segmented as follows:

By Coverage Type

• Single-Trip Travel Insurance
• Annual Multi-Trip Insurance

By Distribution Channel

• Insurance Intermediaries
• Banks
• Insurance Companies
• Insurance Aggregators
• Insurance Brokers
• Others

By End User

• Senior Citizens
• Education Travelers
• Business Travelers
• Family Travelers
• Others

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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