Corporate Travel Insurance Market Size & Share, by Insurance (Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, Long-Stay Travel Insurance); Coverage Type (Trip Delay, Trip Cancellation, Medical Expenses, Property Damage); Distribution Channel (Insurance Intermediaries, Insurance Companies, Insurance Broker, Bank) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 326
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Corporate Travel Insurance Market size is poised to cross USD 21 Billion by the end of 2033, growing at a CAGR of 20% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of corporate travel insurance was over USD 4 Billion. 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.

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.


Corporate-Travel-Insurance-Market
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Corporate Travel Insurance Sector: 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

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

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Corporate Travel Insurance Segmentation

Insurance (Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, Long-Stay Travel Insurance)

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.

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

        By Insurance

  • Single-Trip Travel Insurance
  • Annual Multi-Trip Travel Insurance
  • Long-Stay Travel Insurance

        By Coverage Type

  • Trip Delay
  • Trip Cancellation
  • Medical Expenses
  • Property Damage
  • Others

       By Distribution Channel

  • Insurance Intermediaries
  • Insurance Companies
  • Insurance Broker
  • Bank
  • Others

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Corporate Travel Insurance Industry - Regional Synopsis

Europe Market Forecast

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.

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Corporate-Travel-Insurance-Market-Size
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Companies Dominating the Corporate Travel Insurance Landscape

top-features-companies
    • 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.

In-the-news

In The News

  • Zurich Insurance Group Ltd selected 12 startups out of more than 2,600 applicants to collaborate on new ways to serve customers, create meaningful touchpoints with them, and challenge the boundaries of the insurance industry through the Zurich Innovation Championship.

  • Seven Corners Inc. collaborated with Bullseye Event Group to bring trip protection to event travel customers. Through Seven Corners' RoundTrip Elite plan, Bullseye customers are anticipated to cover their travel reservations with trip protection insurance.

Author Credits:  Yashika Karodiwal, Radhika Gupta


  • Report ID: 326
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

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.

The market is anticipated to attain a CAGR of 20% over the forecast period, i.e., 2023-2033.

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.

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.

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.

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.

The market is segmented by insurance, coverage type, distribution channel, and by region.

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.
Corporate Travel Insurance Market Report Scope
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