Business Travel Accident Insurance Market to Boom
Global business travel accident insurance market is growing exponentially with the prevalence of distribution channels, owing to the large number of insurance companies operating in the travel business along with the increasing number of business trips.
Corporations provide their employees with a business travel accident insurance policy to offset the unexpected expenses that might occur if the travelling employees get into an accident and later on compensate their families. The annual report of the Global Business Travel Association stated that overall spending on business travel activities around the globe amounted to US$ 1.33 Trillion in 2017 with an increase of 5.8% from 2016. The annual report also predicted an average rise of 5% on spending related to business travel activities in future years.
The global business travel accident insurance market participants are profusely investing in distribution channels so as to ensure the convenient and wide availability of business travel accident insurance products. Companies such as MetLife, Inc., an insurance provider to individuals, corporations and other institutions, enable distribution channels to drive efficiency and productivity through digitalization and improved customer persistence. The insurance company, being one of the business travel accident insurance providers, is anticipated to have the highest market share and grow at a CAGR of over 10.4% over the forecast period, followed by insurance aggregators.
Travel insurance aggregators bring together plans from many different travel insurance companies, allowing one to compare plans and choose one with the right amount of coverage and the best rate. Few of the technological developments in the business travel accident insurance market such as the proliferation of machine learning, are boosting the market growth of the insurance aggregator distribution channel. For instance, Allianz Global Assistance Service Company, a travel insurance and assistance provider, has added machine learning and artificial intelligence capabilities to their system to offer real-time personalization and product recommendations to customers. Artificial intelligence is assisting insurance aggregators to automate their systems and enhance the customer experience, thus posing lucrative growth opportunities for insurance aggregators.
The business travel accident insurance market has been analyzed from demand as well as supply side. The demand-side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report Business Travel insurance
In terms of revenue, the business travel accident insurance market is expected to grow at a CAGR of more than 9.4% by 2027 owing to globalization and business expansion, along with the support of government regulations.
On the basis of the type of coverage, multi-trip coverage is estimated to have substantial growth over the forecast period.
As the corporations have a larger reach and cater to a larger market, the employees traveling across the globe are expected to grow exponentially over the forecasted period of time, which in turn will contribute towards the increase of the global business travel accident insurance market.
Europe accounted for the highest market share of 40.62% in 2018 and is expected to retain its position.
Some of the players are ASSICURAZIONI GENERALI S.P.A., MetLife, Inc., Nationwide Mutual Insurance Company, Zurich, AWP Australia Pty Ltd., AXA, American International Group, Inc., Chubb, Tokio Marine Holdings, Inc., Woodward Markwell Insurance Brokers Ltd., The Hartford, Tata AIG General Insurance Company Limited, and Starr International Company, Inc., amongst others.
