Business travel insurance provides insurance cover for the purpose of business trips of a customer or for an organization. In addition, it provides risk cover against medical and hospitalization expenses for accident or illness, including medical evacuation if necessary, death or permanent disability, loss or delay of baggage, cancellation of flight due to weather condition, trip cancellation, and loss of passport & other travel documents.
The business travel insurance market is gaining popularity due to increase in international trade, overseas business expansion, rapidly changing global economic order & trade practices, and the increase in need to maintain worldwide client relations. Rise in incidence of loss of luggage due to increase in tourist arrivals acts as a major driver for the market. Travel insurance is mandated to obtain VISA in countries such as the U.S., France, Belgium, and others. However, low awareness towards business travel insurance among consumers restrains the growth of the market. Stringent regulations towards travel insurance and increase in global safety concerns provide lucrative opportunities for the market.
The business travel insurance market is segmented on the basis of type of user, insurance cover, distribution channel, and geography. Based on type of user, the market is categorized into B2B, B2C, and B2B2C. By insurance cover, it is bifurcated into single trip travel insurance and annual multi-trip travel insurance. According to distribution channel, it is divided insurance trade, insurance company, bank, insurance broker, insurance aggregator, and others. Geographically, it is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Key players profiled in this report include Assicurazioni Genarali S.P.A. (Italy), Allianz SE (Germany), Seven Corners Inc. (U.S.), Travel Safe Insurance (U.S.), USI Insurance Services LLC (U.S.), MH Ross Travel Insurance Services Inc. (U.S.), American International Group (U.S.), AXA Group (France), Insure and Go Insurance Services Ltd. (UK), and Chubb Ltd. (U.S.).
- The study provides an in-depth analysis of the business travel insurance market to elucidate the imminent investment pockets in the market.
- Current and future trends are outlined to determine the overall attractiveness and to single out profitable trends to gain a stronger foothold in the market.
- The report provides information about the key drivers, restraints, and opportunities with impact analysis
- Porters Five Forces model of the industry illustrates the potency of the buyers and suppliers participating in the market.
- Quantitative analysis of the current trends and future estimations from 2017 to 2023 is provided to showcase the financial potential of the market.
Business Travel Insurance Market Key Segmentation:
By Type of User
By Insurance Cover
- Single Trip Travel Insurance
- Annual Multi-trip Travel Insurance
By Distribution Channel
- Insurance Trade
- Insurance Company
- Insurance Broker
- Insurance Aggregator
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Latin America
- Middle East
- Assicurazioni Genarali S.P.A. (Italy)
- Allianz SE (Germany)
- Seven Corners Inc. (U.S.)
- Travel Safe Insurance (U.S.)
- USI Insurance Services LLC (U.S.)
- MH Ross Travel Insurance Services Inc. (U.S.)
- American International Group (U.S.)
- AXA Group (France)
- Insure and Go Insurance Services Ltd. (UK)
- Chubb Ltd. (U.S.)