USA: +1 347 690-0211 | UK: +44 2032 894158 | JAPAN: +81 50 5806 9039 | Translate : 

report img

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

Covid-19

Global Corporate Travel Insurance Market Size, Share

The pandemic continues to cause unprecedented disruption across industries worldwide.Get detailed insights regarding the impact of COVID-19 on the market. Request Sample

Industry Insights

[196+ Pages Report] According to Facts & Factors, the global corporate travel insurance market report offers a complete market breakdown structure and analytics. These market findings exhibit that the global corporate travel insurance market is projected to grow at a CAGR of 20% from the initial value of USD 4 Billion in 2020 to a value of USD 17 Billion by 2026.

logoMarket Overview

Corporate travel insurance is generally taken by individuals to attain security and safety during certain unexpected conditions such as emergency medical evacuation for employees at the time of travel. Additionally, corporate travel insurance covers organizations against financial qualms that occur at the time of unfortunate instances such as accidents, injuries, loss of baggage, terrorist attacks, flight cancellations, and others.

logoIndustry Growth Factors

The increase in demand for travel insurance in the business sector is the major reason behind driving the corporate travel insurance market. The coverage against personal entities & business products and damage caused by the insured to a third person are the factors likely to fuel the global corporate travel insurance market. Furthermore, the availability of customized coverages under a business insurance policy and extra premium costs based on the needs of customers are projected to bolster the growth of the corporate travel insurance market. Surging international and national business travels also boosts the market growth. Other key factors fuelling the market growth include growing digitalism among insurance companies to boost their sales as well as coverage of government regulations during international traveling. The increase in the purchase of raw materials from national or international suppliers is projected to enhance the corporate travel insurance market. In addition to this, the rise in business tourism has led to increasing in health issues, loss of personal things, flight cancellations, accidents, natural disasters, and other incidents, which further foster the demand for corporate travel insurance. The growing digitalization in the tourism sector and rise in penetration of the Internet of Things in businesses are likely to contribute to the market growth.

The rising use of online portals such as online travel agencies, airline sites, company websites, etc. coupled with a dependency on employee’s health insurance, travel insurance, and worker compensation insurance will offer lucrative opportunities for the global corporate travel insurance market to grow over the forecast period. The rising spending on insurance policies and adoption of tools such as data analytics, artificial intelligence (AI), a global positioning system (GPS), an application program interface (API) is projected to boom the global corporate travel insurance market. However, the lack of knowledge about travel insurance policies is anticipated to restrain the market growth.

Corporate Travel Insurance Market

logoSegmentation Analysis

The global corporate travel insurance market is segmented based on type, distribution channel, application, and regions.

Based on type, the global corporate travel insurance market is divided into single-trip travel insurance and multi-trip travel insurance. From all this, the multi-trip travel insurance segment holds the largest market share due to the rising occurrence of situations such as death, injuries, and illnesses at the time of travel. Furthermore, the multiple traveling by travelers and multi-trip travel insurance coverage plans against product enterprises are projected to propel the corporate travel insurance market growth. On the basis of distribution channels, the market is classified into banks, insurance companies, insurance brokers, insurance intermediaries, and insurance aggregators. By application, the corporate travel insurance market is categorized into international and domestic.

logo Report Scope

Report Attribute

Details

Market Size in 2020

USD 4 Billion

Projected Market Size in 2026

USD 17 Billion

CAGR Growth Rate

20% CAGR

Base Year

2020

Forecast Years

2021-2026

Key Market Players

Allianz, Assicurazioni Generali S.P.A., American International Group, Inc., AXA, Chubb, Nationwide, and Others

Key Segment

By Type, By Distribution Channel, By Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

Purchase Options

Request customized purchase options to meet your research needs. Explore purchase options

logo Regional Analysis

Europe is expected to hold the largest market share in the global corporate travel insurance market over the forecast period. The growth is likely due to the majority of the adoption of corporate travel insurance by businesses in the UK, Germany, and France at the time of the COVID-19 pandemic. On the other hand, Asia-Pacific is expected to witness the fastest growth rate during the forecast period due to the availability of a large number of travel insurance providers such as Chubb, TATA AIG, and Bajaj Allianz across Asian countries.

logo Competitive 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.

logo By Type Segment Analysis

  • Single-Trip Travel Insurance
  • Multi-Trip Travel Insurance

logo By Distribution Channel Segment Analysis

  • Banks
  • Insurance Companies
    • Online
    • Offline
  • Insurance Brokers
  • Insurance Intermediaries
  • Insurance Aggregators

logo By Application Segment Analysis

  • International
  • Domestic

logo By Regional Segment Analysis

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

Covid-19

Corporate Travel Insurance Market

The pandemic continues to cause unprecedented disruption across industries worldwide.Get detailed insights regarding the impact of COVID-19 on the market. Request Sample

Industry Major Market Players

  • Allianz
  • Assicurazioni Generali S.P.A.
  • American International Group Inc.
  • AXA
  • Chubb
  • Nationwide
  • Seven Corners Inc.
  • USI Insurance Services LLC
  • TravelSafe
  • Zurich.

Frequently Asked Questions

Factors driving the growth of the global corporate travel insurance market includes rapid digitalization and adoption of digital tools such as AI, API, data analytics, etc. Additionally, the growing business tourism sector further bolster the global corporate travel insurance market.
According to Facts & Factors, global demand for corporate travel insurance market is expected to generate revenue of around USD 17 Billion by end of 2026, growing at a CAGR of around 20% between 2021 and 2026.
The growing implementation of corporate travel insurance policies by the businesses in the UK, France, and Germany is anticipated to fuel the corporate travel insurance market in Europe. Thus, Europe is anticipated to dominate the global corporate travel insurance market.
The key participants in the global corporate travel insurance market are Allianz, Assicurazioni Generali S.P.A., American International Group, Inc., AXA, Chubb, Nationwide, Seven Corners, Inc., USI Insurance Services LLC, TravelSafe, and Zurich.
why choose fnf
key questions answers

Related Reports

report img

Smartwatch Market Report 2022–2028

[212+ Pages Report] According to Facts and Factors, during the forecast period of 2022 to 2028, the global smartwatch market is estimated to develop at a compound annual growth rate (CAGR) of 21.5%. The global smartwatch market was worth USD 22.46 billion in 2021, and it is anticipated to exceed U...

Published Date : 13-Apr-2022 | | Category : | Pages : 212 | Format : Read more

Inquiry for Buying Request Sample
report img

Wearable Technology Market Report 2022–2028

[217+ Pages Report] According to Facts and Factors, During the forecast period of 2022 to 2028, the global wearable technology market is estimated to develop at a compound annual growth rate (CAGR) of 18.5%. The global wearable technology market was worth USD 115.8 billion in 2021, and it is antic...

Published Date : 12-Apr-2022 | | Category : | Pages : 217 | Format : Read more

Inquiry for Buying Request Sample