With the emergence and long-term Impact of COVID-19, Global Business Travel Accident Insurance Market to reach USD 9.28 billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Business Travel Accident Insurance Market points towards a potential rise to USD 9.28 billion by 2030. Business Travel Accident (BTA) insurance is a supplemental insurance plan that provides coverage for accidental injuries or death. It is generally provided as a benefit to employees by their employer, and be referred to as Corporate Travel Accident Insurance. Coverage typically comprises accidental death or dismemberment, emergency medical expenses, and other related expenses. The upsurge in business-related national and international traveling activities, rapid globalization, increasing adoption of digital tools, rising emphasis on corporate social responsibility, and expansion of businesses are the key factors that are fostering the market demand across the globe.
Geographically, the global Business Travel Accident Insurance market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the surge in the adoption of digital tools, and the presence of large number of travel insurance providers. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecasting years. The rise in national and international traveling activities, economic growth, implementation of government regulations, and high demand for business travel accident (BTA) insurance are significantly propelling the market demand across the region.
The global Business Travel Accident Insurance market is highly competitive owing to the presence of several key players such as Assicurazioni Generali S.P.A. (Italy) MetLife Services and Solutions Inc. (India) Nationwide Mutual Insurance Company (US) AWP Australia Pty Ltd. (Australia) AXA (France) American International Group, Inc. (US) Chubb (Switzerland) Tokio Marine Holdings, Inc. (Japan) Woodward Markwell Insurance Brokers (UK) The Hartford, and others.
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Key findings of the study suggest:
- Global Business Travel Accident Insurance Market is anticipated to grow with a healthy growth rate of more than 9.90% over the forecast period 2023-2030.
- In the Type segment, Annual Multi-Trip Coverage emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to surge in the adoption of digital tools in the region.
- Asia Pacific is expected to grow at higher rate owing to rise in national and international traveling activities in the region
Bizwit Research & Consulting has considered following segments for the study:
By Type:
- Single Trip Coverage
- Annual Multi-Trip Coverage
- Others
By Distribution Channel:
- Insurance Company
- Insurance Broker
- Banks
- Insurance Aggregators
- Others
By End Users:
- Corporations
- Government
- International Travelers
- Employees
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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