Globally, the Business Travel Insurance Market is expected to expand at a significant CAGR over the next few years due to its growing scope and applications. Key factors such as rising incidence of luggage loss due to a significant increase in tourist arrival acts, and government mandates for travel insurance policies in many developed countries are expected to drive global market growth during the forecast period.
As the economy is globalizing, international corporate travel is becoming an integral part of many businesses. Many companies send their employees for work purposes to experience new places, meet suppliers or business partners, attend conferences or business events, explore different ways of working, or expand their business overseas. Companies and businesses provide business travel insurance in order to protect their employees while traveling for business purposes. Most of the travel insurance packages cover flight cancellations and delays, accidents, illness, injuries and death of the employee while traveling, loss and theft of luggage, smartphones, laptops, medical emergencies, along with international incidents and emergencies such as volcanic ash clouds, terrorist attacks, and global pandemic. The cost of insurance depends on the destination for business travel, number of employees traveling, and duration of the business trip.
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Factors such as rapid increase in national and international business travel, increasing demand for travel insurance due to immediate coverage against damage, availability of customized coverages, and high usage of digital distribution channels by insurance providers are expected to drive global market revenue growth during the forecast period.
However, stringent regulations for business travel insurance, low awareness among business owners about suitable travel insurance policies, and limitations for international traveling activities amidst the COVID-19 pandemic are expected to restrain overall market growth.
Insurance Company Segment To Register Rapid Revenue CAGR:
The insurance company segment is expected to register rapid revenue CAGR during the forecast period. This can be due to increasing overseas business trips, availability of affordable and attractive business travel insurance packages, growing demand for full coverage travel insurance plans, and high focus of insurance companies to offer inexpensive and attractive business travel insurance packages.
Annual Multi Trip Coverage Segment to Account for Significantly Larger Revenue Share:
The annual multi trip coverage segment is expected to account for significantly larger revenue share during the forecast period. Increasing prevalence of unforeseen diseases, illness, or death of employees while traveling, probability of business travellers traveling frequently in a year, and high preference for annual multi trip coverage due to better coverage at lower prices are expected to drive segment revenue growth during the forecast period.
Asia Pacific To Register Rapid Revenue Growth:
Asia Pacific market is expected to register rapid revenue CAGR over the forecast period owing to increasing travel for business, rising incidence of luggage loss and thefts during traveling, favorable government support for business expansion, presence of large number of insurance providers, and high focus on offering cost-effective customized packages.
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Business Travel Insurance Market By Company:
For the purpose of this report, Xcellent Insights has segmented the global business travel insurance market on the basis of type, application and Region:
Business Travel Insurance Market Segment by Type:
Single Trip Coverage
Annual Multi Trip Coverage
Business Travel Insurance Market Segment by Application:
Business Travel Insurance Market Segment by Region:
Middle East & Africa
Key Reasons to Purchase:
Estimates 2023 to 2028 Business Travel Insurance Market current market trends and development trends
Market dynamics along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the Business Travel Insurance Market
Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
Brief about impact of COVID-19 on the global Business Travel Insurance market
Key Questions Addressed:
What revenue CAGR is the global market expected to register during the forecast period?
Which key players are leading in the global Business Travel Insurance Market?
What is the expected market size of the global Business Travel Insurance Market between 2023 and 2028?
What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
What are some of the key challenges that the global market is expected to face during the forecast period?
Which region is expected to account for largest revenue share over the forecast period?
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