Global Corporate Travel Insurance Market Definition
Corporate travel insurance is 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 loss of baggage, evacuation due to medical conditions, trip cancellation, and others. It provides financial coverage for unforeseen events that may take place while a business travel plan. Corporate travel insurance is of utmost importance before the commencement of any business travel to mitigate any travel-related adversities.
Global Corporate Travel Insurance Market: Key Insights
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~20% |
|
Base Year Market Size (2022) |
~ USD 4 Billion |
|
Forecast Year Market Size (2033) |
~ USD 21 Billion |
|
Regional Scope |
|
Global Corporate Travel Insurance Market Size, Forecast, and Trend Highlights Over 2023 - 2033
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.
Get more information on this report:Download Sample PDF
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.
Global Corporate Travel Insurance Market: Growth Drivers and Challenges
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.
Challenges
-
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.
Global Corporate Travel Insurance Market Regional Synopsis
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.
Market Segmentation
Our in-depth analysis of the global corporate travel insurance market includes the following segments:
|
By Insurance |
|
|
By Coverage Type |
|
|
By Distribution Channel |
|
Top Featured Companies Dominating the Global Corporate Travel Insurance Market
-
Seven Corners Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Berkshire Hathaway Specialty Insurance
- TravelSafe Insurance
- Assicurazioni Generali S.p.A.
- Trip Mate, Inc.
- AXA
- Chubb Group Holdings Inc.
- Insure & Go Insurance Services Limited
- Zurich Insurance Group Ltd
- American International Group, Inc.
