Corporate travel insurance is an insurance that is meant to
cover medical expenses and others losses incurred while doing business travel.
Corporate travel insurance includes an extensive range of benefits for various
events such as trip cancellation, loss of baggage, evacuation due to medical
conditions and others.
Market
Size and Forecast
The corporate travel insurance
market is showcased to witness a robust growth during the forecast period
2017-2024. The market is anticipated to
flourish at a CAGR of 8.6% over the forecast period. Increase in business
travels is expected to foster the growth of corporate travel insurance market
across the globe.
Geographically, Europe region
accounts for the largest market share in global corporate travel insurance
market followed by Asia-Pacific.
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Moreover, Europe is anticipated to
continue its dominance over the forecast period owing to recent terror attacks
in France, Germany, and other European countries. Moreover, rise in number of
business travelers with high travel spending is expected to garner the growth
of corporate travel insurance market in this region. Germany and France is
likely to capture the largest market share in
European corporate travel insurance market.
Asia-pacific is anticipated to
maintain second position over the forecast period. The major countries
witnessing the increased demand for corporate travel insurance include China,
Korea and Japan. North America region is also witnessing a positive corporate
travel insurance growth and is expected to witness the significant growth over
the forecast period. Further, in North America, enhanced travel options and
advanced technological access have made business traveler’s access to insurance
companies easier, thereby escalating the adoption rate of corporate travel
insurance.
Market
Segmentation
Our in-depth analysis segmented the
global corporate travel insurance market in the following segments:
By Insurance
Single trip travel insurance
Annual multi-trip travel insurance
Long-stay travel insurance
By Distribution Channel
Bank
Insurance company
Insurance intermediaries
Insurance broker
Others
By Region
Global corporate travel insurance
market is further classified on the basis of region as follows:
North America (U.S. & Canada)
Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Rest
of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Western and Eastern Europe (U.K.,
Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg,
Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan,
Singapore, Australia, New Zealand, South Korea &Rest of Asia-Pacific)
Market size, Y-O-Y growth & Opportunity Analysis
Middle East and North Africa (MENA)
Market Size and Y-O-Y Growth Analysis
Growth
Drivers and Challenges
Increase in expansion of business
across the globe coupled with rising business travelers is anticipated to
foster the demand for corporate travel insurance. Further, rising awareness
among business travelers is anticipated to be the dynamic factor behind the
rapid growth of corporate travel insurance market. Also, government regulation
of several countries have made travel insurance mandatory, which is envisioned
to bolster the growth of corporate travel insurance market.
However, lack of awareness about
insurance policies is believed to dampen the growth of corporate travel
insurance market. Moreover, this can be attributed to various factors such as
low percentage level of economic development of countries, extent of saving in
financials and the reach of insurance sector.
Key
players
The major key players for corporate
travel insurance market are as follows
CSA Travel Protection
Company Overview
Key Product Offerings
Business Strategy
SWOT Analysis
Seven Corners
TravelSafe Insurance
USI Affinity
ACE Asia Pacific
Allianz Global Assistance
American International Group Inc.
AXA
Scope
and Context
Overview of the Parent Market
Analyst View
Segmentation
The global corporate travel
insurance market is segmented as follows:
By Insurance Market Size & Y-O-Y
Growth Analysis
By Distribution Channel Market Size
& Y-O-Y Growth Analysis
By Region Market Size & Y-O-Y
Growth Analysis
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT
Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and
Challenges
Key Information for Players to
establish themselves in current dynamic environment
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