Business Travel Insurance Market Scope and Size by 2031
The business travel insurance market is expected to expand at a CAGR of 21.1% from 2023 to 2031. Growing usage of digital distribution channels among insurance providers is expected to be a key trends in the market.
Business Travel Insurance Market Analysis
Business travel has substantial economic ramifications, affecting industries such as hotels, transportation, and events. Increased travel leads to more demand for hotels, airlines, and venues, which promotes economic growth in these industries. The increase in business travel to emerging markets, particularly Asia Pacific, has implications for global market growth. Companies seeking prospects in these regions must adjust their tactics, opening up new options for collaboration and economic development. For instance, according to the Global Business Travel Association (GBTA), in 2023, Indian companies are projected to have spent US$ 32.3 billion on business meetings, trips, events, and conferences.
Business Travel Insurance Market Overview
Most businesses rely on business travel to develop their global footprint, which frequently includes trips to remote and isolated regions. Business travel insurance works similarly to personal travel coverage, protecting the policyholder against certain financial risks and losses that may arise during their journeys. The primary difference is that corporate travel insurance primarily covers business-related incidents. These policies generally protect against an extensive range of losses, from those resulting from minor incidents, such as delayed flights or luggage, to major occurrences, including medical emergencies and last-minute trip cancellations. Thus, the demand for business travel insurance is expected to grow during the forecast period.
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Business Travel Insurance Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Business Travel Insurance Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Business Travel Insurance Market Driver and Opportunities
Growing International and Domestic Business Travel to Favor Market Growth
In a continually changing landscape, organizations seek to stay ahead of the competition and promote growth. Amidst this drive, business visits stand out as a strategic instrument with distinct advantages. For instance, according to the Global Business Travel Association (GBTA), business travel in India is gaining momentum. It is anticipated to grow by 18.3% in 2024 on the back of increasing foreign direct investment and corporate incomes. Further, European business travel spending is projected to reach US$ 450 Billion by 2031. Therefore, growing international and domestic business travel is expected to boost the market growth during the forecast period.
Growth in Multi-Trip Travel Insurance to Create Lucrative Market Opportunities
For organizations that require regular travel, acquiring multi-trip travel insurance coverage, often known as annual travel insurance, may be less expensive. This sort of policy offers coverage for several trips throughout the year. This type of insurance is different from a single-trip travel plan because it covers multiple trips over a longer period, generally one year. Multi-trip policies provide financial protection against a variety of risks, such as passport loss, baggage loss and delays, health crises, trip delays, personal accidents, missed connecting flights, and more. Thus, the demand for multi-trip travel insurance is expected to create lucrative growth opportunities during the forecast period.
Business Travel Insurance Market Report Segmentation Analysis
The key segments that contributed to the derivation of the business travel insurance market analysis are coverage type, distribution channel, and applications.
- By coverage type, the market is divided into single-trip travel insurance and multi-trip travel insurance.
- Companies that require fewer business visits per year may find that purchasing a single-trip travel insurance policy is sufficient. As the name suggests, this covers incidents that occur during a single business trip.
- By application, the market is bifurcated into domestic and international segments.
- By distribution channel, the market is segmented into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators.
Business Travel Insurance Market Share Analysis By Geography
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
Europe is expected to hold a significant share in the business travel market. For instance, according to Eurostat, business travel accounts for 13 % of total tourism expenditure in 2022. On the other hand, Asia Pacific is expected to grow substantially during the forecast period. For instance, according to the Global Business Travel Association (GBTA), business travel spending in the Asia Pacific region is forecast to reach over US $800 Billion by 2031.
Business Travel Insurance Market Report Scope
Business Travel Insurance Market News and Recent Developments
The business travel insurance market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Business Travel Insurance market are listed below:
- Allianz Partners announced the launch of the Allyz mobile app, a digital platform providing travelers with trusted advice and expertise as well as access to the full suite of insurance benefits available to customers. The launch of the mobile app in France, Germany and the Netherlands is an important milestone in the expansion of Allianz Partners' digital platform, with the rollout of new digitally accessible services to continue across all lines of business until 2024. (Source: Allianz, Press Release, January 2024)
Business Travel Insurance Market Report Coverage & Deliverables
The business travel insurance market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Business Travel Insurance Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Business travel insurance market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Business travel insurance market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Business travel insurance market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the business travel insurance market
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Some of the customization options available based on the request are additional 3–5 company profiles and a country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
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ZURICH, Allianz Group, Seven Corners, AXA, USI Insurance Services, Chubb, Nationwide, Generali Travel Insurance, AIG Travel, TravelSafe, Business Travel Insurance, ICICI, Star Health Insurance, Travelex, Trawick International, InsureMyTrip, VisitorsCoverage Inc., The Hartford, Gallagher, Travel Guard are the major market players.
Digitization in the insurance industry is the major trend in the market.
The global business travel insurance market was estimated to grow at a CAGR of 21.1% during 2023 - 2031.
The growing number of business travelers and increasing awareness among organizations are the major factors that drive the global Business Travel Insurance market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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