The global corporate travel insurance market is segmented into insurance such as single trip travel insurance, annual multi-trip travel insurance and long-stay travel insurance. Among these segments, single trip corporate travel insurance segment is expected to occupy top position in overall corporate travel insurance market during the forecast period. The market of single trip corporate travel insurance is growing due to their increasing popularity and affordability. Further, demand for single trip corporate travel insurance is expected to increase over the forecast period i.e. 2017-2024 on the account of the growing number of business travels and rising awareness among the employers about the various corporate travel insurance policies.
Global corporate travel insurance market is expected to flourish at a significant CAGR of 8.6% during the forecast period. Various benefits of corporate travel insurance such as coverage of trip cancellation, delays, loss of passport and other documents is likely to increase the demand for the corporate travel insurance over the forecast period. Moreover, the global corporate travel insurance market is expected to garner noteworthy revenue by the end of 2024.
Asia Pacific accounted for the highest market share of overall corporate travel insurance market. This can be attributed to increasing number of business travels in Asia Pacific. Moreover, many of the developing nations in the region are witnessing highest level of business travel which is further opening robust growth opportunities for corporate travel insurance market. North America is projected to witness significant growth during the forecast period. Increasing spending on the employee travel in the region is poised to positively impact the growth of the corporate travel insurance market. According to Global Business Travel Association, U.S. corporate travel is likely to grow at 3% growth rate in 2017.
Emerging Regions to Heat Up Business Tourism
Several developing nations such as China are experiencing high business travel growth since the past few years. Further, World Travel and Tourism Council have forecasted that business travel expenditure in Asia is likely to be doubled to USD 645 Billion by 2027. This factor is envisioned to strengthen the growth of the corporate travel insurance market.
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Rising Adoption in Travel Insurance Policies
Enterprises have responsibility of their employees while travelling for business purpose. Therefore, more companies are adopting travel insurance to ensure the safety of their employees. Additionally, ease of availability of corporate travel insurance plans through internet is also contributing to the growth of the corporate travel insurance market.
Although, lack of awareness and absence of rules and regulations mandating business travel insurance are some factors which might dampen the growth of corporate travel insurance market during the forecast period.
The report titled “Corporate Travel Insurance Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global corporate travel insurance market in terms of market segmentation by insurance, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global corporate travel insurance market which includes company profiling of CSA Travel Protection, Seven Corners, TravelSafe Insurance, USI Affinity, ACE Asia Pacific, Allianz Global Assistance, American International Group Inc., AXA, Chola Insurance and Religare Health Insurance. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global corporate travel insurance market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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