Corporate Travel Insurance Market : Global Demand Analysis & Opportunity Outlook 2024

Global Corporate Travel Insurance Market Overview

Corporate travel insurance is an insurance that is meant to cover medical expenses and others losses incurred while doing business travel. Corporate travel insurance includes an extensive range of benefits for various events such as trip cancellation, loss of baggage, evacuation due to medical conditions and others.

Market Size and Forecast

The corporate travel insurance market is showcased to witness a robust growth during the forecast period 2017-2024. The market is anticipated to flourish at a CAGR of 8.6% over the forecast period. Increase in business travels is expected to foster the growth of corporate travel insurance market across the globe. Geographically, Europe region accounts for the largest market share in global corporate travel insurance market followed by Asia-Pacific.

Moreover, Europe is anticipated to continue its dominance over the forecast period owing to recent terror attacks in France, Germany, and other European countries. Moreover, rise in number of business travelers with high travel spending is expected to garner the growth of corporate travel insurance market in this region. Germany and France is likely to capture the largest market share in European corporate travel insurance market.

Asia-pacific is anticipated to maintain second position over the forecast period. The major countries witnessing the increased demand for corporate travel insurance include China, Korea and Japan. North America region is also witnessing a positive corporate travel insurance growth and is expected to witness the significant growth over the forecast period. Further, in North America, enhanced travel options and advanced technological access have made business traveler’s access to insurance companies easier, thereby escalating the adoption rate of corporate travel insurance.

Market Segmentation

Our in-depth analysis segmented the global corporate travel insurance market in the following segments:

By Insurance

• Single trip travel insurance
• Annual multi-trip travel insurance
• Long-stay travel insurance

By Distribution Channel

• Bank
• Insurance company
• Insurance intermediaries
• Insurance broker
• Others

By Region

Global corporate travel insurance market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, South Korea &Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
• Middle East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis

Growth Drivers and Challenges

Increase in expansion of business across the globe coupled with rising business travelers is anticipated to foster the demand for corporate travel insurance. Further, rising awareness among business travelers is anticipated to be the dynamic factor behind the rapid growth of corporate travel insurance market. Also, government regulation of several countries have made travel insurance mandatory, which is envisioned to bolster the growth of corporate travel insurance market.

However, lack of awareness about insurance policies is believed to dampen the growth of corporate travel insurance market. Moreover, this can be attributed to various factors such as low percentage level of economic development of countries, extent of saving in financials and the reach of insurance sector. 

Key players

The major key players for corporate travel insurance market are as follows

• CSA Travel Protection
  • Company Overview
  • Key Product Offerings
  • Business Strategy
  • SWOT Analysis
• Seven Corners
• TravelSafe Insurance
• USI Affinity
• ACE Asia Pacific
• Allianz Global Assistance
• American International Group Inc.
• AXA