According to a recent report published by Allied Market Research, titled, “Business Travel Insurance Market Share By Coverage Type, Distribution Channels, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global business travel insurance market size was valued at $3.61 billion in 2020, and is projected to reach $20.19 billion by 2030, growing at a CAGR of 19.2% from 2021 to 2030.
Business travel insurance helps companies against various types of financial uncertainties that arise from unfortunate instances such as injuries, accidents, loss of baggage, terrorist attacks, and flight cancellations. An increase in national and international travel of employees for business is driving the growth of the market. The key factors driving the business travel insurance market growth include an increase in the use of digital distribution channels among insurance providers to boost business sales and strengthened government regulations toward cross-border traveling.
Get a Sample Copy of this Report: https://www.alliedmarketresearch.com/request-sample/3079
However, lack of awareness among business owners toward travel insurance policies hampers the growth of the business travel insurance market. On the contrary, increase in spending of business on high cost products & services and adoption of digital tools, such as artificial intelligence (AI), application program interface (API), global positioning system (GPS), and data analytics for delivering affordable insurance policy are expected to provide lucrative opportunity for the business travel insurance market.
Region-wise, Europe contributed the largest market share in 2020, owing to an increase in key vendors of business travel insurance and a surge in the adoption of advanced technologies among key vendors. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, because governments of various countries such as Japan, Malaysia, Australia, and Thailand are focusing on formulating regulations that mandate travel insurance for all international travelers.
Depending on the distribution channels, the global business travel insurance market is classified into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. The insurance intermediaries segment dominated the market, in terms of share, in 2020, due to an increase in the use of digital platforms to sell insurance products among the insurance intermediaries. However, the insurance aggregators segment is expected to witness the highest growth rate during the forecast period, owing to an increase in partnerships between insurance providers to deliver affordable business travel insurance policies.
The outbreak of COVID-19 is anticipated to have a significant impact on the growth of the business travel insurance market. Although the COVID-19 outbreak negatively impacts the growth of the market, the industry is expected to recover by the third quarter of 2020. This is attributed to an increased awareness of business travel insurance among the organizations, the essentials of insurance coverage, the restarting of tourism places, and other such factors are expected to provide numerous opportunities for the market in the upcoming years.
To sustain in the health crisis, business travel insurers in the region are tackling this pandemic situation by implementing several strategies depending on country guidelines. Changing & developing their existing policies, avoiding the sale of new policies, customizing coverages, and other such factors are managed by the travel insurance providers in Europe. These business travel insurers are enhancing their product offerings and implementing technologies to provide business travel insurance coverage to the policyholders during the pandemic.
The report focuses on the growth prospects, restraints, and trends of the global business travel insurance market. The study provides Porter’s five forces analysis to understand the impact of various factors such as the bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and the bargaining power of buyers on the global business travel insurance market.
Key Findings of the Study
- By coverage type, the multi-trip travel insurance coverage is expected to attain significant growth during the forecasted period.
- Region-wise, Europe generated the highest revenue in 2020.
- Based on application, the domestic traveler segment dominated the business travel insurance market in terms of revenue generation in 2020.
The key players operating in the global business travel insurance market include Allianz, American International Group Inc., Assicurazioni Generali S.P.A., AXA, Chubb, Nationwide, Seven Corners Inc., TravelSafe, USI Insurance Services LLC, and Zurich. These market players have adopted various strategies to increase their market penetration and strengthen their foothold in the business travel insurance industry.
Trending Reports in BFSI Industry
| Shadow Banking Market | https://www.newstrail.com/shadow-banking-market/ |
| Alternative Financing Market | https://www.newstrail.com/alternative-financing-market/ |
| Credit Intermediation Market | https://www.newstrail.com/credit-intermediation-market/ |
| Pension Funding Market | https://www.newstrail.com/pension-funding-market/ |
| BFSI in IT Market | https://www.newstrail.com/bfsi-in-it-market/ |
| Embedded Finance Market | https://www.newstrail.com/embedded-finance-market/ |
| Medical Insurance Market | https://www.newstrail.com/medical-insurance-market-2/ |
| Small Personal Loans Market | https://www.newstrail.com/small-personal-loans-market-3/ |
| Generative AI in Insurance Market | https://www.newstrail.com/generative-ai-in-insurance-market/ |
| Flood Insurance Market | https://www.newstrail.com/flood-insurance-market/ |
| E-commerce Market | https://www.newstrail.com/e-commerce-market-share/ |
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact Us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
[email protected]
