Corporate Travel Insurance Market Expand Stunning CAGR of ~20%, Driving Factors, Size & Opportunities During 2023-2033
The global corporate travel insurance market is expected to reach an estimated value of ~USD 21 billion by 2033, by expanding at a CAGR of ~20%.NEW YORK, NEW YORK, UNITED STATES, January 23, 2023 /EINPresswire.com/ -- Global Corporate Travel Insurance Market Key Insights
During the forecast period of 2023-2033, the global corporate travel insurance market is expected to reach an estimated value of ~USD 21 billion by 2033, by expanding at a CAGR of ~20%. The market further generated a revenue of ~USD 4 billion in the year 2022. Major key factors propelling the growth of corporate travel insurance market worldwide are notable increase in corporate travels, along with growing short trip travelling by small business entrepreneurs.
Market Definition of Corporate Travel Insurance
The market-leading business travel insurance programme Corporate Travel Insurance is designed for todays busy business travelers. In an ever-expanding spectrum of companies, both large and small, an increasing number of employeesfrom top company executives to basic sales personnelwork, and corporate travel is a regular component of their professions. Businesses have challenges if their employees become sick or harmed while working abroad due to the numerous travel dangers for business travelers.
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Global Corporate Travel Insurance Market: Growth Drivers
The growth of the global corporate travel insurance market can majorly be attributed to the significant global increase in business travel.For instance, the cost of business travel worldwide exceeded USD 741 billion in 2021.Corporate workers growing propensity to travel for business meetings and the rise in short-trip travel by small business owners are driving the corporate travel insurance trend in the projection period. For instance, in the first half of 2022, the proportion of one-day business visits climbed globally by almost 28%. This is also expected to boost the growth of the market. Following the pandemic, there has been an increase in tourism demand, which has prompted the government of some nations to make travel insurance essential. As a result, it is anticipated that this aspect would fuel the market for business travel insurance to grow. For instance, all visitors to Argentina are required to have health insurance that includes transportation for COVID-19 treatment, hospitalisation, and quarantine. From November 1, 2021, both vaccinated and unvaccinated tourists must comply with this requirement.
The global corporate travel insurance market is also estimated to grow majorly on account of the following:
Growing number of external meetings and events
Rise in trend of online travel booking
Surge in business trips
Significant growth in travel expenditure
Global Corporate Travel Insurance Market: Restraining Factor
However, there are bushiness which are unaware about the travel insurance policy. Hence the demand for travel insurance is expected to fall down. Hence this factor is expected to be the major hindrance for the growth of the global corporate travel insurance market during the forecast period.
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Global Corporate Travel Insurance Market Segmentation
By Insurance (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance)
The forecast period anticipates a large increase in the annual multi-trip travel insurance segment owing to increasing corporate travel numbers, rising business travel expenses, and the normalization of post-pandemic travel restrictions. For instance, the cost of corporate travel rose to over USD 750 billion globally in 2021.
By Coverage Type (Trip Delay, Trip Cancellation, Medical Expenses, Property Damage, and Others)
By Distribution Channel (Insurance Intermediaries, Insurance Companies, Insurance Broker, Bank, and Others)
The Europe corporate travel insurance market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. Increasing number of business travelers, high travel spending, and growing trend of travel and tourism are some of the major factors estimated to boost the growth of the market in this region.For instance, in the month of May of 2022, there were around 455,000 business trips to Europe.
The market research report on global corporate travel insurance also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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Key Market Players Featured in the Global Corporate Travel Insurance Market
Some of the key players of the global corporate travel insurance market areAmerican International Group, Inc., Seven Corners Inc., Berkshire Hathaway Specialty Insurance, TravelSafe Insurance, Assicurazioni Generali S.p.A., Trip Mate, Inc., AXA, Chubb Group Holdings Inc., Insure & Go Insurance Services Limited, Zurich Insurance Group Ltd, and others.
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