Analysis by Insurance (Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance); by Coverage Type (Trip Delay, Trip Cancellation, Medical Expenses, Property Damage, and Others); and by Distribution Channel (Insurance Intermediaries, Insurance Companies, Insurance Broker, Bank, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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The global corporate travel insurance market is estimated to garner a revenue of ~USD 21 billion by the end of 2033 by growing at a CAGR of ~20% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 4 billion in the year 2022. The growth of the market is primarily attributed to the notable increase in expenditure on travel as well as the rising adoption of travel insurance across the globe. For instance, in 2021, the worldwide business travel expenditure reached more than USD 741 billion.
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The increasing tendency of corporate employees to travel for official meetings, and short trip traveling by small business entrepreneurs have been increasing, which is leading the trend of corporate travel insurance in the forecast period.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~20% |
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Base Year Market Size (2022) |
~ USD 4 Billion |
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Forecast Year Market Size (2033) |
~ USD 21 Billion |
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Regional Scope |
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Growth Drivers
Growing Trend of Government-Mandate Travel Policies – After the pandemic, tourism demand has been growing that led the government of various countries to make travel insurance mandatory. Therefore, this factor is expected to propel the expansion of the corporate travel insurance market. The rules are also applicable for one-day business trips. It was found that the worldwide ratio of one-day-long business trips has increased by nearly 28% in the first half of 2022.
Rising Number of External Meetings and Events – For instance, in the United States, nearly 39% of traveling has been done to attend external business meetings, and events till the first half of 2022.
Growing Trend of Online Travel Bookings – For instance, in 2022, travelers in America, have spent nearly 27% more time for booking a trip online than they did in 2019. In Australia, this number jumped by 17%, while in Germany, people now devote around 8% more time to booking a trip via some online platform.
Escalating Trend of Bleisure into Business Trips – As per a survey, it was found that ‘bleisure’ (business combined with leisure), have initiated by around 80% of business travelers. Whereas, approximately, 40% merge business with pleasure when traveling. Around 35% of people schedule a vacation around a business trip.
Worldwide Surge in Travel Expenditure – According to the data provided by the World Bank, worldwide tourism expenditure has grown from USD 1.41 trillion in 2018 to USD 1.44 trillion in 2019.
High Cost of Corporate Travel Insurance – as it depends on various factors, such as age, the type of coverage, the total number of travelers, and others. It is estimated that the travel insurance plan cost somewhere between ~4% to ~10% of the total, non-refundable trip expenses.
Lack of Awareness About Corporate Travel Insurance Policies
Hesitation in Corporates to Invest in Travel Insurance for Employees
The global corporate travel insurance market is segmented and analyzed for demand and supply by insurance into single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. Out of these, the annual multi-trip travel insurance segment is projected to significantly grow over the forecast period on the back of an increasing count of corporate traveling, increasing spending on business travel, and normalizing travel restrictions after the pandemic which is adding up more such traveling. For instance, globally, business travel spending rose to nearly USD 750 billion in the year 2021.
The Europe corporate travel insurance market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, backed by the increasing number of business travelers with high travel spending, increasing trend of travel and tourism, and significant economic growth of the region. For instance, in 2022, the approximate business visits to Europe touched around 455,000 in the month of May.
Our in-depth analysis of the global corporate travel insurance market includes the following segments:
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By Insurance |
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By Coverage Type |
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By Distribution Channel |
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Seven Corners Inc.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Growing trend of government-mandate travel policies, rising number of external meetings and events, growing trend of online travel bookings, and escalating trend of bleisure into business trips are some major factors driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2023 – 2033.
Ans: Lack of awareness about corporate travel insurance policies, high cost of corporate travel insurance, and rising geopolitical tension are estimated to hamper the market growth.
Ans: The market in Europe is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are American International Group, Inc., Seven Corners Inc., Berkshire Hathaway Specialty Insurance, TravelSafe Insurance, Assicurazioni Generali S.p.A., Trip Mate, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by insurance, coverage type, distribution channel, and by region.
Ans: The annual multi-trip travel insurance segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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