Facts and Factors Market Research has published a new report titled “Corporate Travel Insurance Market By Type (Single-Trip Travel Insurance & Multi-Trip Travel Insurance), By Distribution Channel (Banks, Insurance Companies, Insurance Brokers, Insurance Intermediaries, and Insurance Aggregators), By Application (International & Domestic), And By Regions – Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 – 2026”. According to the report, the global corporate travel insurance market is anticipated to be valued at approximately USD 4 Billion in 2020 and is projected to hit the revenue of around USD 17 Billion by 2026, at a CAGR of around 20% between 2021 and 2026.
Corporate travel insurance covers insurance of business trips of the consumer as well as a company. Apart from this, it also offers risk coverage against healthcare or medical expenditure as well as hospitalization for traumatic collisions, chronic illness, medical evacuation, permanent disability, trip cancellation, loss of passport, baggage loss or delay of baggage, trip cancellation, loss of travel documents, and cancellation of flight due to unavoidable climatic conditions.
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Rise in the business expansion globally to drive the market trends
The rise in business activities across the globe is predicted to steer the expansion of the corporate travel insurance market over the forecast timeline. Apart from this, a large number of single as well as multiple trips occurring due to business expansion is expected to drive the growth of the corporate travel insurance industry during the period from 2019 to 2027.
Moreover, the mandatory government laws for having insurance when planning a business tour are expected to raise the acceptance of insurance by corporate firms. Apart from this, travel insurance helps in saving the tour of costs. All these factors are expected to expedite the growth of the corporate travel insurance industry over the forecast timeline. However, the low level of awareness about the insurance policies will impede the market scope over the forecast timeline.
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Annual multi-trip travel insurance segment to account for major market revenue share
The growth of the segment is credited to a bulge in the number of multiple trips for business purposes. In addition to this, the cost of multi-trip travel insurance is reasonable. Moreover, multi-trip travel insurance also covers uncertainties for all the annual trips. In addition to this, companies select the annual multi-trip travel insurance to prevent the last-minute hassles of purchasing insurance plans. Furthermore, business tycoons, marketing persons, and sales staff use this insurance as they have to travel many times in a year. All these aforementioned aspects are expected to steer the growth of the segment during the forecast period.
Medical treatment to dominate the insurance covered segment in terms of CAGR
The medical treatment segment is likely to register the highest CAGR of nearly 9.6 % during the forecast period. The medical treatment expenses are very high in western countries as well as in gulf regions. In order to reduce this expenditure, many persons prefer purchasing medical treatment insurance during business travels. This factor will steer the segmental growth over the forecast timespan.
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Asia Pacific region to lead the overall market growth both in terms of revenue and CAGR
The growth of the market in the Asia Pacific zone is credited to an increase in business tours in countries like India due to the establishment of small firms. Apart from this, a rise in awareness about the advantages of travel insurance will further propel the expansion of the market in the Asia Pacific during the forecast timeline.
Top Market Players
Some of the key players dominating the global corporate travel insurance market include Allianz, Assicurazioni Generali S.P.A., American International Group, Inc., AXA, Chubb, Nationwide, Seven Corners, Inc., USI Insurance Services LLC, TravelSafe, and Zurich.
Global Corporate Travel Insurance Market: By Type Segment Analysis
- Single-Trip Travel Insurance
- Multi-Trip Travel Insurance
Global Corporate Travel Insurance Market: By Distribution Channel Segment Analysis
- Insurance Companies
- Insurance Brokers
- Insurance Intermediaries
- Insurance Aggregators
Global Corporate Travel Insurance Market: By Application Segment Analysis
Global Corporate Travel Insurance Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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