U.S. Business Travel Accident Insurance Market - Industry Trends and Forecast to 2030

Description

List of Tables

The U.S. business travel accident insurance market is expected to reach USD 8,487.86 million by 2030 from USD 2,459.86 million in 2022, growing at a CAGR of 17.0% in the forecast period of 2023 to 2030.

Market Segmentation

U.S. Business Travel Accident Insurance Market, By Type (Single Trip Coverage, Annual Multi-Trip Coverage, and Others), User Type (B2B, B2C, and B2B2C), Distribution Channel (Insurance Company, Bank, Insurance Brokers, Insurance Aggregators, and Others), Coverage (Accidental Medical, Accidental Death, Accidental Dismemberment, Out-Of-Country Medical, Emergency Medical Evacuation, Security Evacuation, and Others), Policy Type (Local Policies, Global Policies, and Controlled Master Program), Business Size (Large Businesses (More Than 500 Employees), Mid-Size Businesses (10 - 500 Employees) and Small Businesses (2 - 10 Employees)), End-User (Corporate, Government, and International Travellers and Employees (EXPATS)), Country (U.S.) - Industry Trends and Forecast to 2030.

Overview of U.S. Business Travel Accident Insurance Market Dynamics

Drivers
Increasing demand for online platforms to purchase insurance
Rise in international trade and business expansion globally
Rise in incidents of loss of luggage due to increase in tourism
Restraints
Low consumer experiences in terms of coverage
Lack of guidance toward business travel accident insurance
Opportunities
Increasing attractive features in the insurance plan by companies
Rise in safety concerns among people

Market Players

Some of the key players operating in the U.S. business travel accident insurance market are:

AXA Partners USA S.A
Travel Insured International
Arch Capital Group Ltd.
GENERALI GLOBAL ASSISTANCE
Travelex Insurance Services Inc.
VisitorsCoverage Inc
Berkshire Hathaway Specialty Insurance
AGA Service Company
MetLife Services and Solutions, LLC
Chubb
American Express
Tokio Marine HCC
The Hartford
American International Group, Inc.
Insubuy, LLC
International Medical Group, Inc (A Subsidiary of SiriusPoint Ltd.)

1 INTRODUCTION 8

1.1 OBJECTIVES OF THE STUDY 8
1.2 MARKET DEFINITION 8
1.3 OVERVIEW 8
1.4 CURRENCY AND PRICING 10
1.5 LIMITATIONS 10
1.6 MARKETS COVERED 10

2 MARKET SEGMENTATION 13

2.1 MARKETS COVERED 13
2.2 GEOGRAPHICAL SCOPE 14
2.3 YEARS CONSIDERED FOR THE STUDY 14
2.4 DBMR TRIPOD DATA VALIDATION MODEL 15
2.5 PRIMARY INTERVIEWS WITH KEY OPINION LEADERS 18
2.6 DBMR MARKET POSITION GRID 19
2.7 VENDOR SHARE ANALYSIS 20
2.8 MULTIVARIATE MODELING 21
2.9 TYPE TIMELINE CURVE 21
2.10 MARKET END-USER COVERAGE GRID 22
2.11 SECONDARY SOURCES 23
2.12 ASSUMPTIONS 23

3 EXECUTIVE SUMMARY 24

4 PREMIUM INSIGHTS 27

5 MARKET OVERVIEW 28

5.1 DRIVERS 30
- 5.1.1 INCREASE IN DEMAND FOR TRAVEL INSURANCE WITH COVID-19 COVERAGE 30
- 5.1.2 INCREASE IN DEMAND FOR ONLINE PLATFORMS TO PURCHASE INSURANCE 30
- 5.1.3 RISE IN INTERNATIONAL TRADE AND BUSINESS EXPANSION GLOBALLY 31
- 5.1.4 RISE IN INCIDENTS OF LOSS OF LUGGAGE DUE TO INCREASE IN TOURISM 32
- 5.1.5 INCREASE IN TRAVELING FOR BUSINESS OR VACATION PURPOSE 32
5.2 RESTRAINTS 33
- 5.2.1 LOW CONSUMER EXPERIENCES IN TERMS OF COVERAGES 33
- 5.2.2 LACK OF GUIDANCE TOWARDS BUSINESS TRAVEL ACCIDENT INSURANCE 34
5.3 OPPORTUNITIES 34
- 5.3.1 RISE IN ATTRACTIVE FEATURES TO THE INSURANCE PLAN BY THE COMPANIES 34
- 5.3.2 RISE IN SAFETY CONCERNS AMONG THE PEOPLE 35
- 5.3.3 INCREASE IN TECHNOLOGICAL DEVELOPMENT IN THE INSURANCE INDUSTRY 35
5.4 CHALLENGE 36
- 5.4.1 RISE IN CONCERN REGARDING DATA 36

6 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET: COMPANY LANDSCAPE 37

6.1 COMPANY SHARE ANALYSIS: U.S. 37

7 SWOT 38

8 COMPANY PROFILE 39

8.1 CHUBB 39
- 8.1.1 COMPANY SNAPSHOT 39
- 8.1.2 REVENUE ANALYSIS 39
- 8.1.3 PRODUCT PORTFOLIO 40
- 8.1.4 RECENT DEVELOPMENTS 40
8.2 AGA SERVICE COMPANY (A SUBSIDIARY OF ALLIANZ PARTNERS) 42
- 8.2.1 COMPANY SNAPSHOT 42
- 8.2.2 REVENUE ANALYSIS 42
- 8.2.3 PRODUCT PORTFOLIO 43
- 8.2.4 RECENT DEVELOPMENTS 43
8.3 AMERICAN INTERNATIONAL GROUP, INC. 45
- 8.3.1 COMPANY SNAPSHOT 45
- 8.3.2 REVENUE ANALYSIS 45
- 8.3.3 PRODUCT PORTFOLIO 46
- 8.3.4 RECENT DEVELOPMENTS 46
8.4 AXA ASSISTANCE USA INC (A SUBSIDIARY OF AXA) 48
- 8.4.1 COMPANY SNAPSHOT 48
- 8.4.2 REVENUE ANALYSIS 48
- 8.4.3 PRODUCT PORTFOLIO 48
- 8.4.4 RECENT DEVELOPMENTS 49
8.5 THE HARTFORD 51
- 8.5.1 COMPANY SNAPSHOT 51
- 8.5.2 REVENUE ANALYSIS 51
- 8.5.3 PRODUCT PORTFOLIO 52
- 8.5.4 RECENT DEVELOPMENTS 52
8.6 AMERICAN EXPRESS COMPANY 54
- 8.6.1 COMPANY SNAPSHOT 54
- 8.6.2 REVENUE ANALYSIS 54
- 8.6.3 PRODUCT PORTFOLIO 55
- 8.6.4 RECENT DEVELOPMENTS 55
8.7 ARCH INSURANCE COMPANY (A SUBSIDIARY OF ARCH CAPITAL GROUP LTD.) 57
- 8.7.1 COMPANY SNAPSHOT 57
- 8.7.2 REVENUE ANALYSIS 57
- 8.7.3 PRODUCT PORTFOLIO 58
- 8.7.4 RECENT DEVELOPMENTS 58
8.8 BERKSHIRE HATHAWAY SPECIALTY INSURANCE (A SUBSIDIARY OF BERKSHIRE HATHAWAY INC.) 60
- 8.8.1 COMPANY SNAPSHOT 60
- 8.8.2 REVENUE ANALYSIS 60
- 8.8.3 PRODUCT PORTFOLIO 61
- 8.8.4 RECENT DEVELOPMENTS 61
8.9 GENERALI GLOBAL ASSISTANCE& INSURANCE SERVICES, COMPANY (A SUBSIDIARY OF ASSICURAZIONI GENERALI S.P.A.) 63
- 8.9.1 COMPANY SNAPSHOT 63
- 8.9.2 REVENUE ANALYSIS 63
- 8.9.3 PRODUCT PORTFOLIO 63
- 8.9.4 RECENT DEVELOPMENTS 63
8.10 INSUBUY, LLC 66
- 8.10.1 COMPANY SNAPSHOT 66
- 8.10.2 PRODUCT PORTFOLIO 66
- 8.10.3 RECENT DEVELOPMENT 67
8.11 INTERNATIONAL MEDICAL GROUP, INC. (A SUBSIDIARY OF SIRIUSPOINT LTD.) 68
- 8.11.1 COMPANY SNAPSHOT 68
- 8.11.2 REVENUE ANALYSIS 68
- 8.11.3 PRODUCT PORTFOLIO 69
- 8.11.4 RECENT DEVELOPMENTS 69
8.12 METLIFE SERVICES AND SOLUTIONS, LLC 71
- 8.12.1 COMPANY SNAPSHOT 71
- 8.12.2 REVENUE ANALYSIS 71
- 8.12.3 PRODUCT PORTFOLIO 72
- 8.12.4 RECENT DEVELOPMENTS 72
8.13 TOKIO MARINE HCC (A SUBSIDIARY OF TOKIO MARINE HOLDINGS, INC.) 73
- 8.13.1 COMPANY SNAPSHOT 73
- 8.13.2 REVENUE ANALYSIS 73
- 8.13.3 PRODUCT PORTFOLIO 74
- 8.13.4 RECENT DEVELOPMENT 74
8.14 TRAVEL INSURED INTERNATIONAL 75
- 8.14.1 COMPANY SNAPSHOT 75
- 8.14.2 PRODUCT PORTFOLIO 75
- 8.14.3 RECENT DEVELOPMENTS 75
8.15 TRAVELEX INSURANCE SERVICES INC. 77
- 8.15.1 COMPANY SNAPSHOT 77
- 8.15.2 PRODUCT PORTFOLIO 77
- 8.15.3 RECENT DEVELOPMENTS 77
8.16 VISITORSCOVERAGE INC. 79
- 8.16.1 COMPANY SNAPSHOT 79
- 8.16.2 PRODUCT PORTFOLIO 79
- 8.16.3 RECENT DEVELOPMENTS 79

9 QUESTIONNAIRE 82

10 RELATED REPORTS 86

LIST OF FIGURES

FIGURE 1 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET: SEGMENTATION 13
FIGURE 2 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET: DATA TRIANGULATION 15
FIGURE 3 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET: DROC ANALYSIS 16
FIGURE 4 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET: COUNTRY VS REGIONAL MARKET ANALYSIS 17
FIGURE 5 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET: COMPANY RESEARCH ANALYSIS 17
FIGURE 6 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET: INTERVIEW DEMOGRAPHICS 18
FIGURE 7 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET: DBMR MARKET POSITION GRID 19
FIGURE 8 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET: VENDOR SHARE ANALYSIS 20
FIGURE 9 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET: SEGMENTATION 26
FIGURE 10 THE GROWING DEMAND FOR TRAVEL INSURANCE WITH COVID-19 COVERAGE IS EXPECTED TO DRIVE THE GROWTH OF THE U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET IN THE FORECAST PERIOD OF 2023 TO 2030 27
FIGURE 11 THE B2B SEGMENT IS EXPECTED TO ACCOUNT FOR THE LARGEST SHARE OF THE U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET IN 2023 AND 2030 27
FIGURE 12 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES OF THE U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET 29
FIGURE 13 U.S. BUSINESS TRAVEL ACCIDENT INSURANCE MARKET: COMPANY SHARE 2022 (%) 37