The Global Corporate Travel Insurance Market is estimated to reach to US$ 8616.96 Mn in 2022, Due to Proliferation in International Trade Practices, Strategic Collaboration and Expansion of Overseas B
Absolute Markets Insights offers its latest published report ‘Corporate Travel Insurance Market by Insurance Covered (Medical Treatment, Baggage Loss, Damage and Theft, Cancellation Insurance, Trip Delay, Hospitalization Daily Allowances, Loss of Passport, Death Itinerary); by Payment Method (Monthly Outstanding Balance Method, Single Payment Method); by Insurance (Single Trip Travel Insurance, Annual Multi Trip Travel Insurance, Long Stay Travel Insurance); by Distribution Channel (Bank, Insurance Company, Insurance Intermediaries, Insurance Broker, Others); by Regional outlook (U.S., Rest of North America, France, UK, Germany, Spain, Italy, Rest of Europe, China, Japan, India, Southeast Asia, Rest of Asia Pacific, GCC Countries, Southern Africa, Rest of MEA, Brazil, Rest of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2018 - 2026’.The author of the report analyzed that the global corporate travel insurance market accounted for US$ 5539.72 million in 2017. Growth in business expansion, international trade practices and an upsurge in strategic business development from small enterprises to large enterprises has increased the potency of corporate travel insurance.
Purchase the complete report titled “Corporate Travel Insurance Market - Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2018 - 2026” at (https://www.absolutemarketsinsights.com/reports/Corporate-Travel-Insurance-Market-2018-2026-132)
The rapid globalization has enabled a significant growth in competition among the enterprises. Further, with the constant initiatives undertaken by the corporates in order to uplift their overseas business operation and client relations, a greater number of frequencies in traveling is undertaken throughout the year. Hence, risks such as personal injury, accident, medical expenses, loss of documents, cards, equipment amongst others associated are growing to a large extent during the travel. In addition, several mandatory policies and regulations by different organizations to cover travel insurance for business-related operation or leisure travel inhibits the development of the market. For instance, countries such as Austria, Belgium, Denmark, Germany, France, Greece, Spain, Sweden amongst other Schengen countries in Europe, follow the ambit of Schengen mandate travel insurance regulations. Furthermore, the rise in online platform and growth in awareness for travel insurance policies has enabled in easier, faster-claiming process coupled with simplified comparative analysis on policy coverages.
Insurance Company is Estimated to be the Fastest Growing during the Forecast Period
The growing number of collaborations with enterprises and online travel agents (OTA) by insurance companies along with the development of advanced technology solutions for the corporates has led the insurance companies to be the fastest growing among the other distribution channel. For instance, Chubb one of the provisions in travel insurance is successful in expanding their business by leveraging through their direct and online distribution of travel insurance products to its airlines and OTA. Moreover, in the year 2017, the company launched an enhanced travel smart application to provide safety alerts for the business traveler across the globe. Further, the Chubb has been keen in providing 24/7 emergency medical and security assistance to the business travelers throughout the year.
Asia Pacific is Anticipated to Fastest Growing Region during the Forecast Period
The Asia Pacific region is experiencing growth in the distribution of new channels, partnerships, and distributors. Furthermore, companies in the region are facing substantial expenses primarily due to emergency medical evacuation, flight diversions, lost baggage, and other potential difficulties. Moreover, a sudden change in political and social landscapes are the other factors which are contributing to the increase in business risk among corporate travel. In addition, as per the World Travel and Tourism Council, business travel in the Asia Pacific is growing at a double rate. For instance, in India, around 7.2% of business growth was achieved in 2017. Hence, the market of corporate travel insurance in Asia Pacific region is anticipated to grow at a faster rate.
Corporate Travel Insurance Market is Fragmented in Nature with the Presence of Global and Regional Players
Some of the significant players functioning in the global corporate travel insurance market include CSA Travel Protection, Seven Corners, Travel Safe Insurance, USI Affinity, Allianz Australia Limited, American Express Company., Berkshire Hathaway Specialty Insurance, AWP Australia Pty Ltd, CGU, Chubb, David Shield, Matrix Insurance Group (Aust) Pty Ltd, AXA, Smart Business Insurance Pty Ltd, Travel Insurance Services Pty Ltd, WEBBER INSURANCE SERVICES, Zurich, American International Group Inc. amongst others. In the year 2017, American International Group entered into an agreement with United Airlines to provide travel insurance that covers, loss of baggage, trip cancellation and emergency medical services to the airline customers.
Corporate Travel Insurance Market - By Insurance Covered
- Medical Treatment
- Baggage Loss
- Damage and Theft
- Cancellation Insurance
- Trip Delay
- Hospitalization Daily Allowance
- Loss of Passport
- Death Itinerary
Corporate Travel Insurance Market - By Payment Method
- Monthly Outstanding Balance Method
- Single Payment Method
Corporate Travel Insurance Market - By Insurance
- Single trip travel insurance
- Annual multi-trip travel insurance
- Long-stay travel insurance
Corporate Travel Insurance Market - By Distribution Channel
- Bank
- Insurance company
- Insurance intermediaries
- Insurance broker
- Others
- Corporate Travel Insurance Market - Market By Region
- North America
- U.S.
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Southern Africa
- Rest of Middle East and Africa
- Latin America
- Brazil
- Rest of Latin America
- North America