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Global Business Travel Accident Insurance Market 2024 - Business Opportunities, Industry Growth, Regional Analysis And Forecast To 2033
Global Business Travel Accident Insurance Market
Business Travel Accident Insurance Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $16.58 billion In 2028 At A CAGR Of 21.8% :
The business travel accident insurance market size has grown exponentially in recent years. It will grow from $6.1 billion in 2023 to $7.53 billion in 2024 at a compound annual growth rate (CAGR) of 23.5%. The growth in the historic period can be attributed to rise in awareness of travel-associated risks, increased incidences of natural catastrophes and rise in healthcare costs.
The business travel accident insurance market size is expected to see exponential growth in the next few years. It will grow to $16.58 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%. The growth in the forecast period can be attributed to globalization and increase in business travel and growing volume of corporate conferences and events. Major trends in the forecast period include integration of technology to elevate services, customized coverage for diverse employee groups, business-centric travel insurance solutions, and business-centric travel insurance solutions.
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Business Travel Accident Insurance Market Major Segments
The business travel accident insurance market covered in this report is segmented -
1) By Type: Single Trip Coverage, Annual Multi-Trip Coverage, Other Types
2) By Distribution Channel: Insurance Company, Insurance Broker, Banks, Insurance Aggregators, Other Distribution Channels
3) By End-User: Corporations, Government, International Travelers, Employees
Key Driver - Business Travel Resurgence Driving Accident Insurance Market
The surge in business travel is expected to propel the growth of the business travel accident insurance market. Business travel refers to traveling from one place to another for business purposes only. As the pandemic is getting better, business travel is booming. Business travel accident insurance aids in traveling, as it insures the travelers against any losses occurring at the time of travel. For instance, according to a US-based business travel and meetings trade organization Global Business Travel Association (GBTA) on Business Travel Recovery report, in August 2022, the percentage of business travel has climbed to 86%, up from 73% in the GBTA's February report. Therefore, the rise in business travel will drive the business travel accident insurance market.
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Prominent Trend - Strategic Partnerships Reshaping The Business Travel Accident Insurance Market
Collaboration is a key trend in the business travel accident insurance market. Companies are entering into strategic partnerships with business travel accident insurance providers to leverage each other's resources and enter a new market. For instance, in July 2021, Ahlibank, a Qatar-based private banking company, entered into a partnership with Dhofar Insurance Company. Through this partnership, Ahlibank will expand its range of insurance options, including comprehensive family and home insurance policies with long-term plans. The collaboration with Dhofar Insurance will shield people and their assets from monetary risks brought on by many potential risks and any unfavorable occurrence. Dhofar Insurance Company is an Oman-based insurance service provider. In addition, in April 2021, KMRD Partners, Inc., a UK-based risk management company providing risk management, insurance brokerage, and human capital solutions, partnered with The Hartford. The partnership aims at offering the group benefits options to small business clients. The Hartford is a US-based investment and insurance company that offers life and accidental death and dismemberment, accident, critical illness, and business travel accident insurance.
Business Travel Accident Insurance Market Players
Major companies operating in the business travel accident insurance market report are MetLife Inc, Allianz SE, American International Group Inc, Zurich Insurance Group, AXA,Assicurazioni Generali S.P.A., Chubb Corporation, The Hartford, Starr International Company, Tata AIG General Insurance Company Limited, Corporate Risks India Insurance Brokers Pvt Ltd, New India Assurance - General Insurance Brokers, Oriental Insurance Company, ICICI Lombard General Insurance Company, United India Insurance, HDFC ERGO Non-Life Insurance Company, Fanhua Holdings, Insubuy LLC, China Life Insurance Company Limited, SafetyWing, Genki, Insured Nomads, Sompo Japan Nipponkoa Insurance Inc, Mitsui Sumitomo Insurance Co. Ltd, Marsh & McLennan Companies UK Limited, Aon UK Limited, Arthur J Gallagher & Co, Willis Towers Watson plc, Lloyd's of London Limited, Funk Gruppe GmbH, Ecclesia Holding GmbH, Hannover Re, Crédit Agricole Assurances, Société Générale, Sogaz Insurance Group, Ingosstrakh Insurance Co, UNIQA, Česká Pojišťovna, Groupama, RSHB Insurance, Soglasie Insurance Company, Sberbank Insurance Company LLC, Travel Insurance Center, Global Underwriters Agency Inc., International Citizens Insurance, AIG Seguros Brasil SA, Mapfre Argentina Holding S.A., Sancor Seguros Argentina, Nación Seguros, Arabia Insurance Cooperative Company, Abu Dhabi National Insurance, Dubai Insurance Co, Al-Etihad Co-operative Insurance Co, Saudi Arabian Cooperative Insurance Co., Care Line Group, De Wet De Villiers, Travelinsure, Lensure Insurance Brokers Cc, Oojah Travel Protection, Takaful Insurance of Africa, Bryte Insurance Company Limited
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Largest And Fastest Growing Region In The Market
Europe was the largest region in the business travel accident insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business travel accident insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Business Travel Accident Insurance Market Report Structure
3. Business Travel Accident Insurance Market Trends And Strategies
4. Business Travel Accident Insurance Market - Macro Economic Scenario
5. Business Travel Accident Insurance Market Size And Growth
…..
27. Business Travel Accident Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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