Market Snapshot:
Travel accident insurance is a specialized type of travel insurance plan. It acts as life insurance and it is insurance against accidental death and dismemberment in the case of a travel accident. The benefits are paid regardless of whether the traveler has other AD&D coverage and life insurance. Moreover, some of the insurance plans also cover emergency medical expenses. Limited insurance plans give the maximum reimbursements range to choose from and several are designed specifically for the regular business traveler and include coverage for non-medical emergency evacuations. Business travel can be defined as the traveling performed for the purpose of business between two or more parties. Some of the examples of business travel are traveling from one branch to another branch of the same company, traveling to different locations for meeting any suppliers or business partners, and traveling for a business conference or business event across different locations. Business travel accident insurance is an important benefit for many companies, particularly those with employees who frequently travel internationally on company business. The global business travel accident insurance market was estimated to be around USD 4,489.2 million in 2019 which is expected to grow at a healthy CAGR during the forecast period.The research analyst at AMA estimates Business Travel Accident Insurance market to grow at a compounded annual growth rate of 8.3%
Segment Analysis
AMA Research have segmented the market of Global Business Travel Accident Insurance market by Type, Application and Region. On the basis of Type, Multi-Trip Coverage are dominating the market in the year 2020 where as Single Trip Coverage stood as second largest market share.
On the basis of geography, the market of Business Travel Accident Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Trend
Employees Concerns Regarding Business Travel at Present Scenario Pushing the Employers to Adopt Business Travel Insurance and Digitalization and Innovation Across the Insurance Sector
Market Drivers
Growing Demand for Business Travel and The Rising Worldwide Business Travel Spending
Opportunities
Opportunities Across Emerging Countries
Restraints
- Lack of Guidance of Business Travel Accident Insurance
In addition to the aforementioned factor, Growing Demand for Business Travel
is expected to propel the growth of the market over the forecast period.
Competitive Landscape
The companies operating in this industry are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focus on maintaining sustainable development. The players are focusing on securing a leading position in this industry. They are continuously looking for the opportunity to reinforce their competitive advantage. To meet a high market share, and developing a socially responsible business company is identifying various strategic pillars such as mergers & acquisitions, new product launch, product enhancement, and others.
The key Players profiled in the study are Allianz Partners (France), American International Group (United States), The Hartford (United States), Chubb Limited (United States), Assicurazioni Generali (Italy), Tokio Marine Holdings (Japan), AXA (France), Zurich Insurance (Switzerland), MetLife, Inc. (United States), Nationwide Mutual Insurance Company (United States), Aviva (United Kingdom), Berkshire Hathaway Specialty Insurance (United States), Sirius International Insurance Group (Bermuda), Bupa (United Kingdom), Starr International Company, Inc. (United States) and Seven Corners Inc. (United States). A lot of United States players are profiled in the research study indicating a strong market dependence.