Global Business Travel Accident Insurance Market Size Study & Forecast, by Type, By Distribution Channel, By End Users, and Regional Analysis, 2023-2030

Description

List of Tables

Global Business Travel Accident Insurance Market is valued at approximately USD 4.36 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 9.90% over the forecast period 2023-2030. Business Travel Accident (BTA) insurance is a supplemental insurance plan that provides coverage for accidental injuries or death. It is generally provided as a benefit to employees by their employer, and be referred to as Corporate Travel Accident Insurance. Coverage typically comprises accidental death or dismemberment, emergency medical expenses, and other related expenses. The upsurge in business-related national and international traveling activities, rapid globalization, increasing adoption of digital tools, rising emphasis on corporate social responsibility, and expansion of businesses are the key factors that are fostering the market demand across the globe.

In addition, the exponential development of the business travel industry is exhibiting a positive influence on the market growth during the estimated period. The increasing number of business travelers is directly associated with the risk of accidents and other unforeseen events. Business travel accident insurance provides coverage for these risks. According to Statista, in 2020, it was estimated that the business travel industry accounted for USD 695.9 billion, which is expected to grow and reach to around USD 2,001.1 billion by 2028. Consequentially, the business travel industry is expected to continue growing owing to factors such as economic growth, technological advancements, and globalization. Also, various market players are focusing on introducing a range of business travel accident insurance plans. For instance, in July 2021, American Express stated that holders of its U.S. Platinum and Business Platinum Cards gain access to even more lounges and upscale facilities while travelling. The members receive top-notch travel and leisure services and have access to special travel advantages, products, and programs. Likewise, in October 2020, Chubb announced the introduction of a new online accident insurance plan for singles and families. The new product gives users access to additional insurance protection and gives them the option to browse and buy it online. The business has also given its clients a variety of purchase and servicing choices, including offline, online, and mobile. Thus, these aforementioned factors are propelling the growth of the Business Travel Accident Insurance Market during the estimated period. Moreover, the legal and regulatory requirements, as well as rising use of digital distribution channel among insurance providers presenting various lucrative opportunities over the forecasting years. However, the high cost associated with the quality business travel accident insurance and the lack of awareness among business owners toward travel insurance policies are challenging the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Business Travel Accident Insurance Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the surge in the adoption of digital tools, and the presence of large number of travel insurance providers. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecasting years. The rise in national and international traveling activities, economic growth, implementation of government regulations, and high demand for business travel accident (BTA) insurance are significantly propelling the market demand across the region.

Major market players included in this report are:

Assicurazioni Generali S.P.A. (Italy)
MetLife Services and Solutions Inc. (India)
Nationwide Mutual Insurance Company (US)
AWP Australia Pty Ltd. (Australia)
AXA (France)
American International Group, Inc. (US)
Chubb (Switzerland)
Tokio Marine Holdings, Inc. (Japan)
Woodward Markwell Insurance Brokers (UK)
The Hartford (US)

Recent Developments in the Market:

In March 2021, Generali Global Assistance & Insurance Services declared the addition of customized solutions to their Travel Insurance offerings to complement initiatives like smart vaccination and digital health passes. The initiative provides travelers an opportunity to update certain coverage limits, including medical coverage, in accordance with the laws of the destination country, and to confirm their coverage before their departure. This allows the business to give clients a smooth travel experience.
In June 2020, Berkshire Hathaway Specialty Insurance's brand Berkshire Hathaway Travel Protection unveiled the introduction of ExactCare Lite, new travel insurance that is made for road trip travelers. It protects against trip inconveniences caused on by road accidents as well as non-refundable accommodation reservations and attraction tickets.

Global Business Travel Accident Insurance Market Report Scope:

Historical Data: 2020 - 2021
Base Year for Estimation: 2022
Forecast period: 2023-2030
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Type, Distribution Channel, End Users, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:

Single Trip Coverage
Annual Multi-Trip Coverage
Others

By Distribution Channel:

Insurance Company
Insurance Broker
Banks
Insurance Aggregators
Others

By End Users:

Corporations
Government
International Travelers
Employees

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary

1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1. Business Travel Accident Insurance Market, by Region, 2020-2030 (USD Billion)
- 1.2.2. Business Travel Accident Insurance Market, by Type, 2020-2030 (USD Billion)
- 1.2.3. Business Travel Accident Insurance Market, by Distribution Channel, 2020-2030 (USD Billion)
- 1.2.4. Business Travel Accident Insurance Market, by End Users, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

Chapter 2. Global Business Travel Accident Insurance Market Definition and Scope

2.1. Objective of the Study
2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

Chapter 3. Global Business Travel Accident Insurance Market Dynamics

3.1. Business Travel Accident Insurance Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
  - 3.1.1.1. Upsurge in business related national and international travelling activities
  - 3.1.1.2. Exponential development of the business travel industry
- 3.1.2. Market Challenges
  - 3.1.2.1. High cost associated with the quality business travel accident insurance
  - 3.1.2.2. Lack of awareness among business owners toward travel insurance policy
- 3.1.3. Market Opportunities
  - 3.1.3.1. Legal and regulatory requirements
  - 3.1.3.2. Rising use of digital distribution channels among insurance providers

Chapter 4. Global Business Travel Accident Insurance Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Porter's 5 Force Impact Analysis
4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion

Chapter 5. Global Business Travel Accident Insurance Market, by Type

5.1. Market Snapshot
5.2. Global Business Travel Accident Insurance Market by Type, Performance - Potential Analysis
5.3. Global Business Travel Accident Insurance Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. Business Travel Accident Insurance Market, Sub Segment Analysis
- 5.4.1. Single Trip Coverage
- 5.4.2. Annual Multi-Trip Coverage
- 5.4.3. Others

Chapter 6. Global Business Travel Accident Insurance Market, by Distribution Channel

6.1. Market Snapshot
6.2. Global Business Travel Accident Insurance Market by Distribution Channel, Performance - Potential Analysis
6.3. Global Business Travel Accident Insurance Market Estimates & Forecasts by Distribution Channel 2020-2030 (USD Billion)
6.4. Business Travel Accident Insurance Market, Sub Segment Analysis
- 6.4.1. Insurance Company
- 6.4.2. Insurance Broker
- 6.4.3. Banks
- 6.4.4. Insurance Aggregators
- 6.4.5. Others

Chapter 7. Global Business Travel Accident Insurance Market, by End Users

7.1. Market Snapshot
7.2. Global Business Travel Accident Insurance Market by End Users, Performance - Potential Analysis
7.3. Global Business Travel Accident Insurance Market Estimates & Forecasts by End Users 2020-2030 (USD Billion)
7.4. Business Travel Accident Insurance Market, Sub Segment Analysis
- 7.4.1. Corporations
- 7.4.2. Government
- 7.4.3. International Travelers
- 7.4.4. Employees

Chapter 8. Global Business Travel Accident Insurance Market, Regional Analysis

8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Business Travel Accident Insurance Market, Regional Market Snapshot
8.4. North America Business Travel Accident Insurance Market
- 8.4.1. U.S. Business Travel Accident Insurance Market
  - 8.4.1.1. Type breakdown estimates & forecasts, 2020-2030
  - 8.4.1.2. Distribution Channel breakdown estimates & forecasts, 2020-2030
  - 8.4.1.3. End Users breakdown estimates & forecasts, 2020-2030
- 8.4.2. Canada Business Travel Accident Insurance Market
8.5. Europe Business Travel Accident Insurance Market Snapshot
- 8.5.1. U.K. Business Travel Accident Insurance Market
- 8.5.2. Germany Business Travel Accident Insurance Market
- 8.5.3. France Business Travel Accident Insurance Market
- 8.5.4. Spain Business Travel Accident Insurance Market
- 8.5.5. Italy Business Travel Accident Insurance Market
- 8.5.6. Rest of Europe Business Travel Accident Insurance Market
8.6. Asia-Pacific Business Travel Accident Insurance Market Snapshot
- 8.6.1. China Business Travel Accident Insurance Market
- 8.6.2. India Business Travel Accident Insurance Market
- 8.6.3. Japan Business Travel Accident Insurance Market
- 8.6.4. Australia Business Travel Accident Insurance Market
- 8.6.5. South Korea Business Travel Accident Insurance Market
- 8.6.6. Rest of Asia Pacific Business Travel Accident Insurance Market
8.7. Latin America Business Travel Accident Insurance Market Snapshot
- 8.7.1. Brazil Business Travel Accident Insurance Market
- 8.7.2. Mexico Business Travel Accident Insurance Market
8.8. Middle East & Africa Business Travel Accident Insurance Market
- 8.8.1. Saudi Arabia Business Travel Accident Insurance Market
- 8.8.2. South Africa Business Travel Accident Insurance Market
- 8.8.3. Rest of Middle East & Africa Business Travel Accident Insurance Market

Chapter 9. Competitive Intelligence

9.1. Key Company SWOT Analysis
- 9.1.1. Company 1
- 9.1.2. Company 2
- 9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
- 9.3.1. Assicurazioni Generali S.P.A. (Italy)
  - 9.3.1.1. Key Information
  - 9.3.1.2. Overview
  - 9.3.1.3. Financial (Subject to Data Availability)
  - 9.3.1.4. Product Summary
  - 9.3.1.5. Recent Developments
- 9.3.2. MetLife Services and Solutions Inc. (India)
- 9.3.3. Nationwide Mutual Insurance Company (US)
- 9.3.4. AWP Australia Pty Ltd. (Australia)
- 9.3.5. AXA (France)
- 9.3.6. American International Group, Inc. (US)
- 9.3.7. Chubb (Switzerland)
- 9.3.8. Tokio Marine Holdings, Inc. (Japan)
- 9.3.9. Woodward Markwell Insurance Brokers (UK)
- 9.3.10. The Hartford (US)

Chapter 10. Research Process

10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

LIST OF TABLES

TABLE 1. Global Business Travel Accident Insurance Market, report scope
TABLE 2. Global Business Travel Accident Insurance Market estimates & forecasts by Region 2020-2030 (USD Billion)
TABLE 3. Global Business Travel Accident Insurance Market estimates & forecasts by Type 2020-2030 (USD Billion)
TABLE 4. Global Business Travel Accident Insurance Market estimates & forecasts by Distribution Channel 2020-2030 (USD Billion)
TABLE 5. Global Business Travel Accident Insurance Market estimates & forecasts by End Users 2020-2030 (USD Billion)
TABLE 6. Global Business Travel Accident Insurance Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 7. Global Business Travel Accident Insurance Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 8. Global Business Travel Accident Insurance Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 9. Global Business Travel Accident Insurance Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 10. Global Business Travel Accident Insurance Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 11. Global Business Travel Accident Insurance Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 12. Global Business Travel Accident Insurance Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 13. Global Business Travel Accident Insurance Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 14. Global Business Travel Accident Insurance Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 15. Global Business Travel Accident Insurance Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 16. U.S. Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 17. U.S. Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 18. U.S. Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 19. Canada Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 20. Canada Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 21. Canada Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 22. UK Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 23. UK Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 24. UK Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 25. Germany Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 26. Germany Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 27. Germany Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 28. France Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 29. France Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 30. France Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 31. Italy Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 32. Italy Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 33. Italy Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 34. Spain Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 35. Spain Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 36. Spain Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 37. RoE Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 38. RoE Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 39. RoE Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 40. China Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 41. China Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 42. China Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 43. India Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 44. India Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 45. India Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 46. Japan Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 47. Japan Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 48. Japan Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 49. South Korea Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 50. South Korea Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 51. South Korea Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 52. Australia Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 53. Australia Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 54. Australia Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 55. RoAPAC Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 56. RoAPAC Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 57. RoAPAC Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 58. Brazil Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 59. Brazil Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 60. Brazil Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 61. Mexico Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 62. Mexico Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 63. Mexico Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 64. RoLA Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 65. RoLA Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 66. RoLA Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 67. Saudi Arabia Business Travel Accident Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 68. South Africa Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 69. RoMEA Business Travel Accident Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 70. List of secondary sources, used in the study of global Business Travel Accident Insurance Market
TABLE 71. List of primary sources, used in the study of global Business Travel Accident Insurance Market
TABLE 72. Years considered for the study
TABLE 73. Exchange rates considered

List of tables and figures and dummy in nature, final lists may vary in the final deliverable

LIST OF FIGURES

FIG 1. Global Business Travel Accident Insurance Market, research methodology
FIG 2. Global Business Travel Accident Insurance Market, Market estimation techniques
FIG 3. Global Market size estimates & forecast methods
FIG 4. Global Business Travel Accident Insurance Market, key trends 2022
FIG 5. Global Business Travel Accident Insurance Market, growth prospects 2023-2030
FIG 6. Global Business Travel Accident Insurance Market, porters 5 force model
FIG 7. Global Business Travel Accident Insurance Market, pest analysis
FIG 8. Global Business Travel Accident Insurance Market, value chain analysis
FIG 9. Global Business Travel Accident Insurance Market by segment, 2020 & 2030 (USD Billion)
FIG 10. Global Business Travel Accident Insurance Market by segment, 2020 & 2030 (USD Billion)
FIG 11. Global Business Travel Accident Insurance Market by segment, 2020 & 2030 (USD Billion)
FIG 12. Global Business Travel Accident Insurance Market by segment, 2020 & 2030 (USD Billion)
FIG 13. Global Business Travel Accident Insurance Market by segment, 2020 & 2030 (USD Billion)
FIG 14. Global Business Travel Accident Insurance Market, regional snapshot 2020 & 2030
FIG 15. North America Business Travel Accident Insurance Market 2020 & 2030 (USD Billion)
FIG 16. Europe Business Travel Accident Insurance Market 2020 & 2030 (USD Billion)
FIG 17. Asia pacific Business Travel Accident Insurance Market 2020 & 2030 (USD Billion)
FIG 18. Latin America Business Travel Accident Insurance Market 2020 & 2030 (USD Billion)
FIG 19. Middle East & Africa Business Travel Accident Insurance Market 2020 & 2030 (USD Billion)