Recent report published by research nester titled “Corporate Travel Insurance Market: Global Demand Analysis & Opportunity Outlook 2024”delivers detailed overview of the corporate travel insurance market in terms of market segmentation by insurance, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The corporate travel insurance market has been segmented by insurance into single trip travel insurance, annual multi-trip travel insurance and long-stay travel insurance. Among these segments, the annual multi-trip segment represented the largest market share in previous years and is expected to continue its dominance by expanding at a significant compound annual growth rate over the forecast period.
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The global market of corporate travel insurance is anticipated to witness a robust growth over the forecast period by expanding at a compound annual growth rate of 8.6% over the period 2017-2024. Rising awareness about corporate travel insurance among business travelers is driving the growth of corporate travel insurance market. Factors such as rising expansion of business across the globe and increasing business travelers are estimated to boom the corporate travel insurance market with striking revenue by the end of 2024.
In the regional segment, Europe accounted for largest market in corporate travel insurance in previous years and is expected to maintain its dominance over the forecast period. This can be attributed to recent terror attacks in France, Germany among other European countries. China, Korea and Japan are witnessing the increased demand for corporate travel insurance and anticipated to make Asia Pacific maintain second largest market in overall Corporate Travel Insurance Market. Further, advanced technological access and enhanced travel options are driving the growth of corporate travel insurance market in North America region.
Wide Range of Benefits to Drive the Market
The growth of the market is driving on the back of increasing rate of business travels which is anticipated to drive the demand for corporate travel insurance so as to cover the medical expenses and inevitable losses while travelling. Benefits such as loss of baggage, trip cancellation and evacuation owing to medical conditions among others are some of the factors that are expected to benefit the expansion of corporate travel insurance market around the globe. Further, government regulations in several regions have made travel insurance compulsory which is believed to supplement the growth of the corporate travel insurance market.
However, lack of awareness about insurance policies is believed to inhibit the growth of the corporate travel insurance market in the near future.
This report also provides the existing competitive scenario of some of the key players of the corporate travel insurance market which includes company profiling of CSA Travel Protection, Seven Corners, TravelSafe Insurance, USI Affinity, ACE Asia Pacific, Allianz Global Assistance, American International Group Inc. and AXA.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the corporate travel insurance market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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