“Corporate
Travel Insurance Market: Global Demand Analysis & Opportunity Outlook 2024”
The global corporate travel
insurance market is segmented into insurance such as single trip travel
insurance, annual multi-trip travel insurance and long-stay travel insurance.
Among these segments, single trip corporate travel insurance segment is
expected to occupy top position in overall corporate travel insurance market
during the forecast period. The market of single trip corporate travel
insurance is growing due to their increasing popularity and affordability. Further,
demand for single trip corporate travel insurance is expected to increase over
the forecast period i.e. 2017-2024 on the account of the growing number of
business travels and rising awareness among the employers about the various corporate
travel insurance policies.
Global corporate travel
insurance market is expected to flourish at a significant CAGR of 8.6% during
the forecast period. Various benefits of corporate travel insurance such as
coverage of trip cancellation, delays, loss of passport and other documents is
likely to increase the demand for the corporate travel insurance over the
forecast period. Moreover, the global corporate travel insurance market is
expected to garner noteworthy revenue by the end of 2024.
Asia Pacific accounted for the
highest market share of overall corporate
travel insurance market. This can be attributed to increasing
number of business travels in Asia Pacific. Moreover, many of the developing
nations in the region are witnessing highest level of business travel which is
further opening robust growth opportunities for corporate travel insurance
market. North America is projected to witness significant growth during the
forecast period. Increasing spending on the employee travel in the region is
poised to positively impact the growth of the corporate travel insurance
market. According to Global Business Travel Association, U.S. corporate travel
is likely to grow at 3% growth rate in 2017.
Emerging
Regions to Heat Up Business Tourism
Several developing nations such
as China are experiencing high business travel growth since the past few years.
Further, World Travel and Tourism Council have forecasted that business travel
expenditure in Asia is likely to be doubled to USD 645 Billion by 2027. This
factor is envisioned to strengthen the growth of the corporate travel insurance
market.
Rising
Adoption in Travel Insurance Policies
Enterprises have responsibility
of their employees while travelling for business purpose. Therefore, more companies
are adopting travel insurance to ensure the safety of their employees. Additionally,
ease of availability of corporate travel insurance plans through internet is
also contributing to the growth of the corporate travel insurance market.
Although, lack of awareness and
absence of rules and regulations mandating business travel insurance are some
factors which might dampen the growth of corporate travel insurance market
during the forecast period.
The report titled “Corporate Travel Insurance Market: Global
Demand Analysis & Opportunity Outlook 2024”
delivers
detailed overview of the global 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.
This report also provides the
existing competitive scenario of some of the key players of the global 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., AXA, Chola
Insurance and Religare Health Insurance. 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 global 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.
About Research
Nester
Research Nester is a leading service provider for
strategic market research and consulting. We aim to provide unbiased,
unparalleled market insights and industry analysis to help industries,
conglomerates and executives to take wise decisions for their future marketing
strategy, expansion and investment etc. We believe every business can expand to
its new horizon, provided a right guidance at a right time is available through
strategic minds. Our out of box thinking helps our clients to take wise
decision so as to avoid future uncertainties.
Read more Information: https://www.researchnester.com/reports/corporate-travel-insurance-market-global-demand-analysis-opportunity-outlook-2024/326
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Info:
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Daniel
U.S.
+1 646 586 9123
U.K.
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