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

Nester Research

The global travel insurance market is expected to reach an estimated value of $21 billion by 2033, by expanding at a CAGR of 20%.

NEW YORK, NEW YORK, United States, January 23, 2023 /EINPresswire.com/ — Globalization Marketing Corporate Travel Insurance Basic Knowledge

During the forecast period of 2023-2033, the global travel insurance market is expected to reach an estimated value of $21 billion by 2033, by expanding at a CAGR of 20% . The market is expected to generate a revenue of $4 billion by the year 2022. The main factors driving the growth of the global travel insurance market are the increase in business travel, along with increase in short trips by small businessmen.

Corporate Travel Insurance Market Overview

The market-leading Corporate Travel Insurance program is designed for today’s busy travel business. With an ever-increasing spectrum of companies, large and small, an increasing number of employees—from CEOs to salespeople—are working. , and business travel is a regular part of their job. Businesses face challenges when their employees become ill or injured while working abroad due to the many risks of travel for business owners.

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Global Corporate Travel Insurance Market: Growth Drivers

The growth of the global travel insurance market can be attributed to the large increase in business travel in the world. increase in short-term travel by small business owners is driving the trend of corporate travel insurance during the forecast 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 are required to have health insurance that covers transportation for COVID-19 treatment, hospitalization, and quarantine. From November 1, 2021, all vaccinated tourists and unvaccinated tourists must meet 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

By Insurance (Single Travel Insurance, Annual Travel Insurance, and 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 value of special travel increased to USD 750 billion worldwide in 2021.

By Type (Trip Delays, Trip Cancellations, Medical Expenses, Property Damage, etc.)
Through Distributors (Insurance Consultants, Insurance Companies, Insurance Brokers, Banks, etc.)
Region
The European travel insurance market is expected to hold the largest market share by the end of 2033 in the market in all other regions. The increase in the number of business people, high spending on travel, and the growth of travel and tourism, are some of the important factors that are expected to increase the four market growth in this region. business trip to Europe.

The global travel insurance market research report also includes market size, market revenue, annual growth rate, and key driver analysis for the North American market (US, and Canada), Latin America (Brazil, Mexico, Argentina, Pacific Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Pacific Asia) , Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium) , Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Middle East and Africa).

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Featured Market Players in the Global Corporate Travel Insurance Market

Some of the key players in the global 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 Ltd, and others.

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