According to the report, the global business travel accident insurance market was approximately USD 4,464 million in 2018 and is expected to generate around USD 9,126 million by 2025, at a CAGR of around 9.4% between 2019 and 2025.
New York, NY, May 15, 2019 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Business Travel Accident Insurance Market by Type (Single Trip Coverage, Annual Multi Trip Coverage, and Others), by Distribution Channel (Insurance Company, Insurance Broker, Banks, Insurance Aggregators, and Others), and by End-User (Corporations, Government, and International Travelers and Employees (Expats)): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global business travel accident insurance market was approximately USD 4,464 million in 2018 and is expected to generate around USD 9,126 million by 2025, at a CAGR of around 9.4% between 2019 and 2025.
Business travel accident insurance provides accidental insurance cover for business trips of a customer or an organization. Moreover, it provides dismemberment benefits and accidental death coverage for employees who are traveling for their company’s business. The travel accident insurance coverage includes assistance for disability, accident medical expenditures, paralysis, coma, etc. Over the ages, travel insurance has grown significantly. Rapidly flourishing international trade, constantly transforming trade practices, improving global economic situation, growing need to sustain client relations worldwide, rising occurrences of terrorist attacks and natural disasters, increasing popularity of price comparison applications and websites, growing trend of multi-trip policies, rising business travel, and various benefits offered by business travel accident insurance will act as major driving factors for the growth of the global business travel accident insurance market in the years ahead. Nonetheless, the lack of guidance and high premium may restrict the global business travel accident insurance market in the future.
Browse through 73 Tables & 27 Figures spread over 110 Pages and in-depth TOC on “Global Business Travel Accident Insurance Market: By Type, Size, Share, Industry Trends, Segments, Analysis and Forecast, 2018–2025”.
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The global business travel accident insurance market is split into type, distribution channel, and end-user. By type, the business travel accident insurance market includes single trip coverage, annual multi-trip coverage, and others. The annual multi-trip coverage segment is expected to advance at the highest CAGR in the years ahead, owing to the rising popularity of multi-trip policies. The distribution channel segment includes insurance company, insurance broker, banks, insurance aggregators, and others. The insurance company segment dominated the market in 2018, accounting for over 22% of the market share. By end-user, the market includes corporations, government, and international travelers and employees (expats). Corporations are expected to dominate the global market in the upcoming years.
Europe represents an established region for business travel accident insurance market and will show the fastest growth in the future. UK and Germany are the leading countries for business travel accident insurance market in Europe. Germany will progress at the topmost CAGR over the anticipated timeframe, due to the ease of travel within Europe, the presence of favorable trade agreements between European Union countries, high awareness regarding business travel insurance, and the presence of stringent regulations.
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The North American market will display substantial growth in the future. The U.S. is the leading country market in North America, owing to the growing trade agreements of the U.S. with other nations.
The Asia Pacific region is anticipated to advance at the most dominant rate over the estimated time period. India, China, and Japan are expected to majorly contribute to the business travel accident insurance market growth. Developments witnessed in the Asia Pacific region are expected to be driven by a rise in business travel, global expansion of major organizations, and growing trend of multi-trip policies.
Browse the full “Business Travel Accident Insurance Market by Type (Single Trip Coverage, Annual Multi Trip Coverage, and Others), by Distribution Channel (Insurance Company, Insurance Broker, Banks, Insurance Aggregators, and Others), and by End-User (Corporations, Government, and International Travelers and Employees (Expats)): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/business-travel-accident-insurance-market
Latin America will record swift market growth over the estimated time period, due to the increasing travel for business purposes, growing awareness regarding business travel accident insurance, and efforts taken by governments. The Middle Eastern and African region is predicted to show limited growth due to lack of awareness and guidance related to the business travel accident insurance market.
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Some key players of the global business travel accident insurance market include Assicurazioni Generali, MetLife, Inc., Nationwide Mutual Insurance Company, Zurich, AWP Australia, AXA, American International Group, Chubb, Tokio Marine Holdings, Woodward Markwell Insurance Brokers, The Hartford, Tata AIG General Insurance Company Limited, and Starr International Company.
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This report segments the global business travel accident insurance market into:
Global Business Travel Accident Insurance Market: By Type
- Single Trip Coverage
- Annual Multi Trip Coverage
Global Business Travel Accident Insurance Market: By Distribution Channel
- Insurance Company
- Insurance Broker
- Insurance Aggregators
Global Business Travel Accident Insurance Market: By End-User
- International Travelers and Employees (Expats)
Global Business Travel Accident Insurance Market: By Region
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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