The global business travel accident insurance market was valued at $3.2 billion in 2023, and is projected to reach $26.1 billion by 2033, growing at a CAGR of 23.3% from 2024 to 2033. Business travel accident (BTA) insurance is a type of insurance for companies that protects employees from travel-related incidents. Its main purpose is to compensate for unintentional death or loss while on business trips. Furthermore, it covers medical and hospitalization costs incurred as a result of accident or illness, such as medical evacuation, if necessary, death or permanent disability, baggage loss or delay, flight cancellation due to bad weather, trip cancellation, and loss of passport or other travel documents.
One of the major key drivers of the business travel accident insurance market growth is increase in global business travel. As more organizations grow their operations internationally, employees regularly travel for business meetings, seminars, and collaborations. With rise in travel for businesses, there is rise in awareness among businesses about the potential risks employees face, such as accidents or unforeseen health issues while on these trips, which drives the adoption of business travel accident insurance policies. Furthermore, rise in awareness of travel risks is a significant driver for the business travel accident insurance market growth.
Furthermore, in the present dynamic business landscape, organizations recognize that their profitability is related to the health and satisfaction of their staff. As a result, there is increasing corporate commitment to providing complete staff support. This emphasis on employee well-being extends to ensuring their safety and security during travel, prompting businesses to invest in business travel accident insurance. Thus, the growth of the business travel accident insurance market is propelled by increasing emphasis that corporations place on the well-being of their employees. However, high cost associated with business travel accident insurance policies acts as a significant barrier for businesses looking to invest in BTA.
On the contrary, technological advancements are transforming the business travel accident insurance market, providing lucrative growth opportunities to the market in the upcoming years. With the advancement of advanced data analytics and artificial intelligence, insurers can better identify and manage business travel risks. This enables more personalized and competitive insurance packages tailored to individual travel patterns and unique demands, hence increasing the overall popularity of these insurance solutions.
For instance, in April 2021, KMRD Partners, Inc. partnered with The Hartford to provide Group Benefit solutions to its valued small business clients. The Hartford’s full range of employer-paid and Employee Choice BenefitsSM includes life and accidental death & dismemberment, short term disability and long term disability, with options to cover for hospital indemnity, accident, critical illness, and business travel accident insurance.
The report focuses on growth prospects, restraints, and trends of the business travel accident insurance market forecast. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the business travel accident insurance market outlook.
One of the major key drivers of the business travel accident insurance market growth is increase in global business travel. As more organizations grow their operations internationally, employees regularly travel for business meetings, seminars, and collaborations. With rise in travel for businesses, there is rise in awareness among businesses about the potential risks employees face, such as accidents or unforeseen health issues while on these trips, which drives the adoption of business travel accident insurance policies. Furthermore, rise in awareness of travel risks is a significant driver for the business travel accident insurance market growth.
Furthermore, in the present dynamic business landscape, organizations recognize that their profitability is related to the health and satisfaction of their staff. As a result, there is increasing corporate commitment to providing complete staff support. This emphasis on employee well-being extends to ensuring their safety and security during travel, prompting businesses to invest in business travel accident insurance. Thus, the growth of the business travel accident insurance market is propelled by increasing emphasis that corporations place on the well-being of their employees. However, high cost associated with business travel accident insurance policies acts as a significant barrier for businesses looking to invest in BTA.
On the contrary, technological advancements are transforming the business travel accident insurance market, providing lucrative growth opportunities to the market in the upcoming years. With the advancement of advanced data analytics and artificial intelligence, insurers can better identify and manage business travel risks. This enables more personalized and competitive insurance packages tailored to individual travel patterns and unique demands, hence increasing the overall popularity of these insurance solutions.
For instance, in April 2021, KMRD Partners, Inc. partnered with The Hartford to provide Group Benefit solutions to its valued small business clients. The Hartford’s full range of employer-paid and Employee Choice BenefitsSM includes life and accidental death & dismemberment, short term disability and long term disability, with options to cover for hospital indemnity, accident, critical illness, and business travel accident insurance.
The report focuses on growth prospects, restraints, and trends of the business travel accident insurance market forecast. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the business travel accident insurance market outlook.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the business travel accident insurance market growth forecast along with the current and future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on business travel accident insurance market trends is provided in the report.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the business travel accident insurance market from 2023 to 2033 is provided to determine the market potential.
Additional benefits you will get with this purchase are:
- Quarterly Update* (with the purchase of an enterprise license)
- 5 additional Company Profiles, pre- or post-purchase, as a free update.
- Free Updated Version (once released) with the purchase of an enterprise user license.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- End user preferences and pain points
- Industry life cycle assessment, by region
- Product Benchmarking / Product specification and applications
- Product Life Cycles
- Senario Analysis & Growth Trend Comparision
- Technology Trend Analysis
- Go To Market Strategy
- Market share analysis of players by products/segments
- New Product Development/ Product Matrix of Key Players
- Pain Point Analysis
- Regulatory Guidelines
- Strategic Recommedations
- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- Brands Share Analysis
- Criss-cross segment analysis- market size and forecast
- Expanded list for Company Profiles
- Historic market data
- Market share analysis of players at global/region/country level
- SWOT Analysis
Key Market Segments
By Type
- Single-Trip Travel Insurance
- Multi-Trip Travel Insurance
By Application
- International
- Domestic
By Distribution Channel
- Insurance Intermediaries
- Insurance Companies
- Banks
- Insurance Brokers
- Insurance Aggregators
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- American International Group, Inc.
- Arch Capital Group Ltd.
- AXA SA
- Chubb Limited
- MetLife Services and Solutions, LLC.
- Starr International Company, Inc.
- Tata AIG General Insurance Company Limited
- The Hartford
- VisitorsCoverage Inc.
- Zurich American Insurance Company
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY TYPE
CHAPTER 5: BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY APPLICATION
CHAPTER 6: BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: BUSINESS TRAVEL ACCIDENT INSURANCE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- American International Group, Inc.
- Arch Capital Group Ltd.
- AXA SA
- Chubb Limited
- MetLife Services and Solutions, LLC.
- Starr International Company, Inc.
- Tata AIG General Insurance Company Limited
- The Hartford
- VisitorsCoverage Inc.
- Zurich American Insurance Company
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 300 |
| Published | November 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 3.2 billion |
| Forecasted Market Value ( USD | $ 26.1 billion |
| Compound Annual Growth Rate | 23.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
