Corporate Travel Insurance Market to Grow at Significant CAGR of ~20%, Factor Drivers, Size & Opportunities During 2023-2033

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Global Corporate Travel Insurance Market: Growth Drivers

The growth of the global travel insurance market can be attributed to the increase in the number of travelers in the world. USD 741 billion in 2021. The increase in the number of corporate employees traveling for business meetings and the increase in short-term travel by small business owners is fourth. trigger the company’s travel insurance policy in the relevant period. For example, in the first half of 2022, the number of business visits in one day increased worldwide by almost 28%. This is also expected to increase the growth of the market. After the epidemic, the demand of tourists has increased, which has prompted the government of some countries to make travel insurance very important. As a result, it is expected that this aspect will strengthen the market for the growth of business travel insurance. For example, all visitors to Argentina health insurance is required to cover transportation for COVID-19 treatment, hospitalization, and quarantine. From November 1, 2021Both vaccinated and unvaccinated tourists must comply with this requirement.

The global travel insurance market is also projected to grow significantly due to the following factors:

Increase the number of meetings and events abroad
Raise the bar for online travel bookings
Increase in business travel
Increased travel spending growth
Global Corporate Travel Insurance Market: Executive Summary

However, there are some unknowns about travel insurance. Therefore the demand for travel insurance is expected to drop. Therefore this should be a major obstacle for the growth of the global travel insurance market during the forecast period.

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Global Travel Insurance Market Segmentation

Insured (Single-Trip Travel InsuranceYear Multi-Trip Travel Insuranceand Long Stay Travel Insurance)
The forecast period is expected to see a significant increase in the individual travel insurance sector due to the increase in the number of travelers, increased business expenses, and the establishment of travel restrictions after the pandemic. For example, the cost of commercial travel increased USD 750 billion worldwide in 2021.

By Frame Type (Travel DelaysTrip Cancellation, Medical Expenses, Property Damage, Etc.)
Through Distributors (Insurance Consultants, Insurance Companies, Insurance Brokers, Banks, etc.)
Region
Of the Europe The travel insurance market is expected to hold the largest market share by the end of 2033 in all other regions. The increase in the number of entrepreneurs, the high spending, and the increase in travel and tourism are some of the important factors related to the growth of the market in this region. business trip c Europe.

The global travel insurance market research report also includes market size, market revenue, YoY growth, and player analysis relevant to the domestic market. North America (USand Canada), Latin America (Brazil, Mexico, ArgentinaThe rest of Latin America), Asia and the Pacific (Republic of China, India, Japanese, South Korea, Singapore, Indonesia, Malaysia, Australia, New ZealandThe rest of Asia and the Pacific), Europe (Britain, Dutch, France, Italian, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Irish, Switzerland, Austria, Poland, Turkey, RussiaThe rest of Europe), and Middle East and Africa (IsraelGCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South AfricaThe rest of Middle East and Africa).

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Featured Market Players in the Global Corporate Travel Insurance Market

Some of the main players in the world travel insurance market are America International Group, Inc., Seven Corners Inc., Berkshire Hathaway Specialty Insurance, TravelSafe Insurance, Assicurazioni Generali SpA., Trip Mate, Inc., AXA, Chubb Group Holdings Inc., Insurance & Go Insurance Services Limited, Zurich Insurance Group Ltdetc.

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