Business Travel Accident Insurance Market Report 2025

The business travel accident insurance market size has grown exponentially in recent years. It will grow from $7.5 billion in 2024 to $9.27 billion in 2025 at a compound annual growth rate (CAGR) of 23.5%. The growth in the historic period can be attributed to a rise in awareness of travel-associated risks, increased incidences of natural catastrophes, and a rise in healthcare costs.

The business travel accident insurance market size is expected to see exponential growth in the next few years. It will grow to $20.07 billion in 2029 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to globalization, an increase in business travel and a growing volume of corporate conferences and events. Major trends in the forecast period include the integration of technology to elevate services, customized coverage for diverse employee groups, business-centric travel insurance solutions, and business-centric travel insurance solutions.

The resurgence in business travel is poised to drive the expansion of the business travel accident insurance market. Business travel, defined as travel conducted exclusively for business purposes, is experiencing a significant uptick as the pandemic situation improves. Business travel accident insurance plays a crucial role in providing coverage to travelers, safeguarding them against potential losses during their journeys. Notably, according to the Business Travel Recovery report by the Global Business Travel Association (GBTA), a US-based trade organization for business travel and meetings, the percentage of business travel has surged to 86% in August 2022, marking a notable increase from 73% in the GBTA's February report. This upswing in business travel is expected to be a driving force behind the growth of the business travel accident insurance market.

The escalating volume of corporate conferences and events is anticipated to be a catalyst for the business travel accident insurance market's growth in the forecast period. As businesses increasingly participate in gatherings and professional events, there is a corresponding surge in the demand for insurance coverage that addresses the specific risks and uncertainties associated with these activities, including accidents, medical emergencies, and trip disruptions. This emphasizes the need for comprehensive insurance solutions tailored to the distinctive requirements of business travelers. According to a report from Cities Restart Limited, a UK-based public policy organization, the total expenditure on global conferences and business events is expected to reach £27.6 billion, reflecting a substantial 43% increase by 2026. Consequently, the escalating volume of corporate conferences and events is anticipated to be a driving factor in the continued growth of the business travel accident insurance market.

Major companies in the business travel accident insurance market are pursuing a strategic partnership approach to improve technology integration and broaden their market reach. A strategic partnership typically involves a collaborative relationship between two or more organizations, combining their resources, expertise, and efforts to achieve common goals. For example, in April 2023, Zurich Insurance Company Ltd., a multinational insurance and financial services firm based in Switzerland, partnered with Japan Airlines (JAL), a commercial airline company from Japan, to enhance the travel experience for customers by providing convenient embedded travel insurance during the flight booking process. This initiative addresses travelers' concerns regarding uncertainties and offers comprehensive protection for international journeys while promoting innovation in insurance solutions.

Leading business travel accident insurance firms are prioritizing technology-driven platforms to enhance and elevate their service offerings. These platforms improve accessibility, customization, and operational efficiency for travelers, allowing industry participants to provide seamless digital interactions, tailored alerts, data-driven personalization, and automated claims processing. For instance, in January 2023, Battleface, a UK-based company offering travel insurance products and services, including business travel accident insurance, launched a new technology-driven platform named Robin Assist. Robin Assist is a global, API-driven insurtech platform that provides travel insurance support through a multilingual, 24/7 customer support system. Built on a cloud-based infrastructure, it facilitates easy integration with existing systems and technologies. Robin Assist offers a variety of services, including risk assessment, claims management, and emergency assistance, aimed at supporting insurance carriers, brokers, managing general agents (MGAs), and other industry stakeholders.

In April 2023, Specialty Program Group LLC, a US-based insurance holding company, acquired Squaremouth, LLC, for an undisclosed amount. This acquisition allows SPG to maintain its leadership in embracing digital transformation while delivering products and solutions to clients, improving the overall insurance purchasing experience. Squaremouth, LLC is a US-based travel insurance company catering to both businesses and individuals.

Major companies operating in the business travel accident insurance market include MetLife Inc, Allianz SE, American International Group Inc, Zurich Insurance Group, AXA,Assicurazioni Generali S.P.A., Chubb Corporation, The Hartford, Starr International Company, Tata AIG General Insurance Company Limited, Corporate Risks India Insurance Brokers Pvt Ltd, New India Assurance - General Insurance Brokers, Oriental Insurance Company, ICICI Lombard General Insurance Company, United India Insurance, HDFC ERGO Non-Life Insurance Company, Fanhua Holdings, Insubuy LLC, China Life Insurance Company Limited, SafetyWing, Genki, Insured Nomads, Sompo Japan Nipponkoa Insurance Inc, Mitsui Sumitomo Insurance Co. Ltd, Marsh & McLennan Companies UK Limited, Aon UK Limited, Arthur J Gallagher & Co, Willis Towers Watson plc, Lloyd's of London Limited, Funk Gruppe GmbH, Ecclesia Holding GmbH, Hannover Re, Crédit Agricole Assurances, Société Générale, Sogaz Insurance Group, Ingosstrakh Insurance Co, UNIQA, Česká Pojišťovna, Groupama, RSHB Insurance, Soglasie Insurance Company, Sberbank Insurance Company LLC, Travel Insurance Center, Global Underwriters Agency Inc., International Citizens Insurance, AIG Seguros Brasil SA, Mapfre Argentina Holding S.A., Sancor Seguros Argentina, Nación Seguros, Arabia Insurance Cooperative Company, Abu Dhabi National Insurance, Dubai Insurance Co, Al-Etihad Co-operative Insurance Co, Saudi Arabian Cooperative Insurance Co., Care Line Group, De Wet De Villiers, Travelinsure, Lensure Insurance Brokers Cc, Oojah Travel Protection, Takaful Insurance of Africa, Bryte Insurance Company Limited.

Europe was the largest region in the business travel accident insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business travel accident insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the business travel accident insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Business travel accident insurance serves as a form of life insurance for policyholders when they travel, offering coverage for various unforeseen events. It provides financial protection in cases of accidental death, dismemberment, emergency medical expenses, and related losses while on the road.

This insurance comes in various forms such as single-trip coverage, which insures a single domestic or international trip, and annual multi-trip coverage for frequent travelers. It's available through insurance companies, brokers, banks, and other channels, targeting corporations, governments, international travelers, and employees seeking protection during travel.

The business travel accident insurance market research report is one of a series of new reports that provides business travel accident insurance market statistics, including business travel accident insurance industry global market size, regional shares, competitors with a business travel accident insurance market share, detailed business travel accident insurance market segments, market trends and opportunities, and any further data you may need to thrive in the business travel accident insurance industry. This business travel accident insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The business travel accident insurance market consists of revenues earned by entities by providing local policies, one global policy, and a controlled master program policy. The market value includes the value of related goods sold by the service provider or included within the service offering. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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