Market Overview:
The global business travel accident insurance market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing number of international travelers and employees, and the growing demand for annual multi-trip coverage. North America is expected to lead the global business travel accident insurance market in terms of revenue during the forecast period, followed by Europe and Asia Pacific.
Product Definition:
Business Travel Accident Insurance is a type of insurance that provides coverage for employees who are traveling on company business. This type of insurance can help protect the employee in the event that they are injured or killed while traveling for work. Business Travel Accident Insurance can also provide coverage for loss of income if the employee is unable to work due to an injury sustained while traveling.
Single Trip Coverage:
Single trip coverage is a form of accident insurance that provides protection for one journey. It is available to all commercial passengers, including tourists. Single trip policies are issued by an insurance company and can be purchased at the airport or online before your departure. The policy covers loss of luggage, travel documents, emergency medical treatment and hospitalization expenses up to USD 50,000 (one lakh rupees).
Annual Multi Trip Coverage:
The annual multi-trip coverage is a form of travel and tourism insurance that provides trip cancellation, interruption, and reimbursement to the policyholder in case he or she is unable to make planned trips. The coverage can be taken out on an individual basis or in combination with other policies. It also offers reimbursement for expenses such as transportation costs, hotel accommodation costs incurred during non-visit periods due to covered events such as sickness or injury.
Application Insights:
The application segment is segregated into corporations, government, international travelers and employees. Among these applications, the annual multi-trip coverage held the largest market share in 2017. This can be attributed to high annual travel volumes of corporate professionals and frequent travels of individuals on business trips or leisure trips abroad. The rising number of fatal accidents involving overseas workers has also raised concerns about their accidental death during visits to various countries across the world. As a result, several companies have started providing accident insurance for such travelers under an umbrella policy term covering multiple destinations worldwide with minimum cover amounts applicable as per each individual trip's requirements.
Regional Analysis:
The North American regional market accounted for the largest share in 2017. The growth is attributed to the presence of a large number of global companies and favorable government initiatives. For instance, in 2015, under an initiative named as “Global Entry Programâ€, the U.S.
Asia Pacific is expected to be one of the fastest growing regions over the forecast period owing to increasing travel.
Growth Factors:
- Increasing business travel expenditure by corporate sector
- Proliferation of online booking platforms for business travel
- Growing demand for risk management and insurance solutions by businesses
- Rising number of road accidents globally
- Stringent safety and security measures by organizations
Scope Of The Report
Report Attributes
Report Details
Report Title
Business Travel Accident Insurance Market Research Report
By Type
Single Trip Coverage, Annual Multi Trip Coverage, Others
By Application
Corporations, Government, International Travelers and Employees
By Companies
Assicurazioni Generali, MetLife, Nationwide Mutual Insurance, Zurich, AWP Australia, AXA, American International, Chubb, Tokio Marine Holdings, Woodward Markwell Insurance Brokers, Hartford, Tata AIG General Insurance, Starr International
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
224
Number of Tables & Figures
157
Customization Available
Yes, the report can be customized as per your need.
Global Business Travel Accident Insurance Market Report Segments:
The global Business Travel Accident Insurance market is segmented on the basis of:
Types
Single Trip Coverage, Annual Multi Trip Coverage, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Corporations, Government, International Travelers and Employees
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Assicurazioni Generali
- MetLife
- Nationwide Mutual Insurance
- Zurich
- AWP Australia
- AXA
- American International
- Chubb
- Tokio Marine Holdings
- Woodward Markwell Insurance Brokers
- Hartford
- Tata AIG General Insurance
- Starr International
Highlights of The Business Travel Accident Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Single Trip Coverage
- Annual Multi Trip Coverage
- Others
- By Application:
- Corporations
- Government
- International Travelers and Employees
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Business Travel Accident Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Business travel accident insurance is a type of insurance that helps cover the costs associated with a trip, such as lost wages if you are unable to work while away on business. This type of coverage can also help cover medical expenses and other related costs should you become injured or fall ill during your travels.
Some of the major companies in the business travel accident insurance market are Assicurazioni Generali, MetLife, Nationwide Mutual Insurance, Zurich, AWP Australia, AXA, American International, Chubb, Tokio Marine Holdings, Woodward Markwell Insurance Brokers, Hartford, Tata AIG General Insurance, Starr International.
The business travel accident insurance market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Business Travel Accident Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Business Travel Accident Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Business Travel Accident Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Business Travel Accident Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Business Travel Accident Insurance Market Size & Forecast, 2018-2028
4.5.1 Business Travel Accident Insurance Market Size and Y-o-Y Growth
4.5.2 Business Travel Accident Insurance Market Absolute $ Opportunity
Chapter 5 Global Business Travel Accident Insurance Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Business Travel Accident Insurance Market Size Forecast by Type
5.2.1 Single Trip Coverage
5.2.2 Annual Multi Trip Coverage
5.2.3 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Business Travel Accident Insurance Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Business Travel Accident Insurance Market Size Forecast by Applications
6.2.1 Corporations
6.2.2 Government
6.2.3 International Travelers and Employees
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Business Travel Accident Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Business Travel Accident Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Business Travel Accident Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Business Travel Accident Insurance Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Business Travel Accident Insurance Market Size Forecast by Type
9.6.1 Single Trip Coverage
9.6.2 Annual Multi Trip Coverage
9.6.3 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Business Travel Accident Insurance Market Size Forecast by Applications
9.10.1 Corporations
9.10.2 Government
9.10.3 International Travelers and Employees
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Business Travel Accident Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Business Travel Accident Insurance Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Business Travel Accident Insurance Market Size Forecast by Type
10.6.1 Single Trip Coverage
10.6.2 Annual Multi Trip Coverage
10.6.3 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Business Travel Accident Insurance Market Size Forecast by Applications
10.10.1 Corporations
10.10.2 Government
10.10.3 International Travelers and Employees
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Business Travel Accident Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Business Travel Accident Insurance Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Business Travel Accident Insurance Market Size Forecast by Type
11.6.1 Single Trip Coverage
11.6.2 Annual Multi Trip Coverage
11.6.3 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Business Travel Accident Insurance Market Size Forecast by Applications
11.10.1 Corporations
11.10.2 Government
11.10.3 International Travelers and Employees
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Business Travel Accident Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Business Travel Accident Insurance Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Business Travel Accident Insurance Market Size Forecast by Type
12.6.1 Single Trip Coverage
12.6.2 Annual Multi Trip Coverage
12.6.3 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Business Travel Accident Insurance Market Size Forecast by Applications
12.10.1 Corporations
12.10.2 Government
12.10.3 International Travelers and Employees
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Business Travel Accident Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Business Travel Accident Insurance Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Business Travel Accident Insurance Market Size Forecast by Type
13.6.1 Single Trip Coverage
13.6.2 Annual Multi Trip Coverage
13.6.3 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Business Travel Accident Insurance Market Size Forecast by Applications
13.10.1 Corporations
13.10.2 Government
13.10.3 International Travelers and Employees
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Business Travel Accident Insurance Market: Competitive Dashboard
14.2 Global Business Travel Accident Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Assicurazioni Generali
14.3.2 MetLife
14.3.3 Nationwide Mutual Insurance
14.3.4 Zurich
14.3.5 AWP Australia
14.3.6 AXA
14.3.7 American International
14.3.8 Chubb
14.3.9 Tokio Marine Holdings
14.3.10 Woodward Markwell Insurance Brokers
14.3.11 Hartford
14.3.12 Tata AIG General Insurance
14.3.13 Starr International
