Press release
Business Travel Accident Insurance Market Poised to Hit $20.07 Billion by 2029 with Accelerating Growth Trends
Business Travel Accident Insurance
How Large Will the Business Travel Accident Insurance Market Size By 2025?
The market size for business travel accident insurance has seen considerable expansion in the past few years. It is projected to rise from $7.5 billion in 2024 to $9.27 billion in 2025, showing a compound annual growth rate (CAGR) of 23.5%. Increased consciousness of the perils connected with travel, a surge in instances of natural calamities, and growing healthcare costs have all contributed to the growth rate in the historical period.
How Big Is the Business Travel Accident Insurance Market Size Expected to Grow by 2029?
The market size for business travel accident insurance is anticipated to experience tremendous growth in the upcoming years, escalating to a value of $20.07 billion by 2029 at a compound annual growth rate (CAGR) of 21.3%. This forecasted expansion can be credited to factors such as globalization, the rise in business-related travel, and the increasing number of corporate gatherings and events. Key trends expected during this projection period comprise the use of technology to enhance service delivery, personalised insurance packages tailored for different employee categories, and insurance solutions specifically designed for business travel.
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Which Key Market Drivers Powering Business Travel Accident Insurance Market Expansion and Growth?
The upward trend in commercial travel is predicted to stimulate the expansion of the market for business travel accident insurance. This refers to trips made purely for business reasons. As the pandemic improves, corporate travel is enjoying an upswing. Business travel accident insurance is beneficial for these trips as it provides coverage against any loss experienced during travel. For example, according to a report by the Global Business Travel Association (GBTA), a US-based trade organization for business travel and meetings, the proportion of business travel rose to 86% in August 2022, a significant increase from 73% in February as per GBTA's report. Hence, the escalating business travel trend will serve as a catalyst for the growth of the business travel accident insurance market.
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Which Fast-Growing Trends Are Poised to Disrupt the Business Travel Accident Insurance Market?
Leading firms within the business travel accident insurance market are employing a strategic partnership strategy to improve technology integration and broaden their market presence. A strategic partnership is generally a mutually beneficial relationship between two or more entities where they pool various resources, expertise, and efforts to accomplish shared objectives or goals. For example, in April 2023, Zurich Insurance Company Ltd., a multinational insurance and finance services company based in Switzerland, formed a partnership with Japan Airlines (JAL), a commercial airline company from Japan. This partnership aims to improve the customer travel experience by providing convenient in-flight travel insurance during the booking process. It addresses the uncertainty concerns of travelers and offers comprehensive protection for international travels while promoting innovation in insurance solutions.
What Are the Emerging Segments in the Business Travel Accident Insurance Market?
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
Subsegments:
1) By Single Trip Coverage: Short-Term Business Travel Insurance, Emergency Medical Coverage For Single Trips, Trip Cancellation Or Interruption Coverage
2) By Annual Multi-Trip Coverage: Comprehensive Annual Plans For Frequent Travelers, Medical Expense Coverage For Multiple Trips, Loss Of Baggage And Personal Belongings
3) By Other Types: Group Travel Accident Insurance, Specialty Risk Coverage, Optional Add-Ons
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Who Are the Global Leaders in the Business Travel Accident Insurance Market?
Major companies operating in the business travel accident insurance market include 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, Ceská Pojištovna, 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
Which are the Top Profitable Regional Markets for the Business Travel Accident Insurance Industry?
Europe was the largest region in the business travel accident insurance market in 2024. 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.
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