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1044454

Global Business Travel Accident Insurance Market - 2021-2028

Published: | DataM Intelligence | 180 Pages | Delivery time: 2 business days

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Global Business Travel Accident Insurance Market - 2021-2028
Published: December 31, 2021
DataM Intelligence
Content info: 180 Pages
Delivery time: 2 business days
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  • Table of Contents
Description

Market Overview

The Global "Business Travel Accident Insurance Market" is estimated to reach at a high CAGR during the forecast period (2021-2028).

Business Travel Accident (BTA) insurance is a supplemental insurance policy that provides occupational and non-occupational accident and health coverage to employees and their dependent spouses and children when traveling on corporate business. It has significant benefits for many companies, particularly for personnel who travel worldwide regularly on company business.

Several businesses and corporations opt to get BTA insurance to reduce the potential liability when their personnel travel. Accidental death and dismemberment are the fundamental components of BTA insurance; however, medical benefits such as accident and sickness may also be included. Some policies can even be extended to include coverage for employees working on-site (at the office/factory). The company pays premiums, but benefits are paid directly to employees or their beneficiaries.

Market Dynamics

The inevitability of business travel in today's modern global economy and related uncertainty and threats are expected to drive the market. However, lack of awareness along with complicated terms & conditions is expected to restrain the market.

The inevitability of business travel in today's modern global economy and related uncertainty and threats

Travel has become an absolute necessity in the new global economy. Employees from business corporations are regularly sent on sales calls, business meetings, training sessions and conferences globally. For instance, according to the World Travel and Tourism Council (WTTC), the business travel sector produced 0.7% of global GDP in 2019. Global business travel spending peaked at almost US$ 1,280 million in 2019, having more than doubled from 2000.

However, the global marketplace puts uncertain risks on today's business travelers. The political climate in some regions is unpredictable and presents real concerns and threats for business travelers and their employees. According to aviation consulting firm "To70", 299 people were killed in large commercial airplane accidents in 2020.

Business travel accident insurance is a low-cost, high-value benefit that can be added to any employee benefits package. Employees that travel on business locally or abroad for onshore or offshore assignments are covered by the plan. The insurance is intended to mitigate the risk of losing a key employee(s) and reimburse employees' families for lost income due to a loved one's accidental death or permanent disability.

Lack of awareness along with complicated terms & conditions are expected to restrain the market

Insurance coverage concerns consumers as the agreement papers are very complicated to understand. Further, travel insurance is available from various insurance companies, including tour operators. Therefore, most individuals believe it is best to research ahead of time to compare pricing and insurance coverage, resulting in extensive and tedious tasks.

COVID-19 Impact Analysis

Travel restrictions implemented worldwide due to the coronavirus outbreak brought the travel industry to a halt, wreaking havoc on global business and economics. According to TravelPerk S.L.U., COVID reduced international mobility by 65%, the lowest rate of travel since the debut of the Boeing 707 in 1958, which marked the beginning of the Jet Age.

Organizations and their employees faced several obstacles as they navigated the complexity of the global epidemic and changed their operating models to satisfy local health and safety rules, from business visits being canceled to entire teams suddenly working from home. Employer safety has always been a priority, but the COVID-19 outbreak highlighted the necessity for a thorough risk management plan that meets Duty of Care standards for many firms.

Segment Analysis

Based on policy type, the business travel accident insurance market is segmented into local policies only, one global policy, controlled master program (CMP) and others.

Controlled Master Programs (CMPs) have grown in popularity halfway between having exclusively local policies and having a single worldwide policy. A CMP combines the best of both worlds by providing a more compliant approach to ensuring benefits while retaining a single worldwide coverage standard. CMPs give the parent corporation consolidated authority while benefiting local plans and conditions. In addition, the scheme contains a master policy underwritten in a country and, if necessary, locally admitted plans in each country.

CMPs reduce compliance risks in practice, but they can raise other issues. Understanding policy details and reducing regulatory risk are two critical concerns with CMPs. Differential conditions/differences in limitations (DIC/DIL) language in the master contract may say that the global plan will give coverage above and beyond what the local plans can supply, ensuring that each employee is covered to the specified levels.

Geographical Analysis

The business travel accident insurance market is segmented into North America, Europe, South America, Asia-Pacific and Middle East & Africa based on geography.

According to Trondent Development Corp., U.S. makes more than 405 million long-distance business travels each year, indicating approximately 1.1 million people in U.S. travel for business every day. The most popular business travel location is New York City. With 400 million long-distance work journeys in U.S. each year, the earnings from this possibility are substantial, accounting for 28.4% of all travel and tourism revenue.

Moreover, according to "Zurich Canada" a travel insurance company, business travel is expected to increase in the region as health officials and communities gain better control of the coronavirus outbreak. As employees resume traveling for work worldwide, they will be exposed to increased risks such as illness, accidents, natural disasters, terrorism and a host of inconvenience risks.

Therefore, policy companies invest and announce new policies to attract customers and generate revenue in the region. For instance, in October 2020, "Zurich North America" introduced an enhanced business travel accident insurance solution that can help employers protect their employees in a world facing increasingly complex risks, underscored by a year of COVID-19, civil unrest and record-setting wildfires.

Competitive Landscape

The business travel accident insurance market is highly competitive with the increasing business travel in a modern global economy, resulting in high investment by multinational and local companies. Major players contributing to the market's growth are Zurich Insurance Group, American International Group, Inc., Tokio Marine Holdings, Inc., Nationwide Mutual Insurance Company, Starr International Company Inc., Assicurazioni Generali S.P.A., Tata AIG General Insurance Company Limited, AWP Australia Pty Ltd., AXA, MetLife Services and Solutions Inc. among others. In addition, the companies are adopting growth strategies such as expansions, acquisitions, product launches and collaborations, contributing to the market growth globally.

Zurich Insurance Group

Overview: Zurich Insurance Group is a global Swiss insurance company headquartered in Zurich, Switzerland. The company is organized into three (3) core business segments, including General Insurance, Global Life and Farmers.

Product Portfolio: Zurich Insurance Group offers customized Business Travel Accident Insurance. Its excellent service and support provide medical, security, safety, general travel information and assistance.

Key Development:

In October 2020, Zurich Insurance Group expanded its business travel product and services into a complete solution that includes a more extensive international servicing network, more comprehensive insurance coverage and new capabilities to support travelers through technology. It has advisory and assistance services through Cover-More's World Travel Protection brand.

Why Purchase the Report?

Visualize the composition of the business travel accident insurance market segmentation by policy type, coverage type, distribution channel, end-user and region, highlighting the key commercial assets and players.

Identify commercial opportunities in the business travel accident insurance market by analyzing trends and co-development deals.

Excel data sheet with thousands of business travel accident insurance market data points level 4/5 segmentation.

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the key product of all major market players.

The global business travel accident insurance market report would provide access to an approx. 69 market data table, 64 figures and 180 pages.

Target Audience

Insurance Companies

Corporate Businesses

Government Bodies

Emerging Companies

Investment Research Firms

Table of Contents
Product Code: DMOT4488

Table of Contents

1. Global Business Travel Accident Insurance Market Methodology and Scope

  • 1.1. Research Methodology
  • 1.2. Research Objective and Scope of the Report

2. Global Business Travel Accident Insurance Market - Market Definition and Overview

3. Global Business Travel Accident Insurance Market - Executive Summary

  • 3.1. Market Snippet by Policy Type
  • 3.2. Market snippet by Coverage Type
  • 3.3. Market Snippet by Distribution Channel
  • 3.4. Market Snippet by End-User
  • 3.5. Market Snippet by Region

4. Global Business Travel Accident Insurance Market-Market Dynamics

  • 4.1. Market Impacting Factors
    • 4.1.1. Drivers
      • 4.1.1.1. The inevitability of business travel in today's modern global economy and related uncertainty and threats
      • 4.1.1.2. XX
    • 4.1.2. Restraints
      • 4.1.2.1. Lack of awareness along with complicated terms & conditions
    • 4.1.3. Opportunity
    • 4.1.4. Impact Analysis

5. Global Business Travel Accident Insurance Market - Industry Analysis

  • 5.1. Porter's Five Forces Analysis
  • 5.2. Supply Chain Analysis
  • 5.3. Pricing Analysis
  • 5.4. Regulatory Analysis

6. Global Business Travel Accident Insurance Market - COVID-19 Analysis

  • 6.1. Analysis of COVID-19 on the Market
    • 6.1.1. Before COVID-19 Market Scenario
    • 6.1.2. Present COVID-19 Market Scenario
    • 6.1.3. After COVID-19 or Future Scenario
  • 6.2. Pricing Dynamics Amid COVID-19
  • 6.3. Demand-Supply Spectrum
  • 6.4. Government Initiatives Related to the Market During Pandemic
  • 6.5. Manufacturers Strategic Initiatives
  • 6.6. Conclusion

7. Global Business Travel Accident Insurance Market - By Policy Type

  • 7.1. Introduction
    • 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Policy Type
    • 7.1.2. Market Attractiveness Index, By Policy Type
  • 7.2. Local Policies Only*
    • 7.2.1. Introduction
    • 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
  • 7.3. One Global Policy
  • 7.4. Controlled Master Program (CMP)
  • 7.5. Others

8. Global Business Travel Accident Insurance Market - By Coverage Type

  • 8.1. Introduction
    • 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coverage Type
    • 8.1.2. Market Attractiveness Index, By Coverage Type
  • 8.2. Single-Trip Travel Insurance*
    • 8.2.1. Introduction
    • 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
  • 8.3. Multi-Trip Travel Insurance

9. Global Business Travel Accident Insurance Market - By Distribution Channels

  • 9.1. Introduction
    • 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channels
    • 9.1.2. Market Attractiveness Index By Distribution Channels
  • 9.2. Insurance Company*
    • 9.2.1. Introduction
    • 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
  • 9.3. Banks
  • 9.4. Insurance Aggregators
  • 9.5. Others

10. Global Business Travel Accident Insurance Market - By End-User

  • 10.1. Introduction
    • 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
    • 10.1.2. Market Attractiveness Index, By End-User
  • 10.2. Corporations*
    • 10.2.1. Introduction
    • 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
  • 10.3. Government Bodies
  • 10.4. International Travelers
  • 10.5. Others

11. Global Business Travel Accident Insurance Market - By Region

  • 11.1. Introduction
    • 11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
    • 11.1.2. Market Attractiveness Index, By Region
  • 11.2. North America
    • 11.2.1. Introduction
    • 11.2.2. Key Region-Specific Dynamics
    • 11.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Policy Type
    • 11.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coverage Type
    • 11.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
    • 11.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
    • 11.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
      • 11.2.7.1. U.S.
      • 11.2.7.2. Canada
      • 11.2.7.3. Mexico
  • 11.3. Europe
    • 11.3.1. Introduction
    • 11.3.2. Key Region-Specific Dynamics
    • 11.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Policy Type
    • 11.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coverage Type
    • 11.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
    • 11.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
    • 11.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
      • 11.3.7.1. Germany
      • 11.3.7.2. UK
      • 11.3.7.3. France
      • 11.3.7.4. Italy
      • 11.3.7.5. Spain
      • 11.3.7.6. Rest of Europe
  • 11.4. South America
    • 11.4.1. Introduction
    • 11.4.2. Key Region-Specific Dynamics
    • 11.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Policy Type
    • 11.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coverage Type
    • 11.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
    • 11.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
    • 11.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
      • 11.4.7.1. Brazil
      • 11.4.7.2. Argentina
      • 11.4.7.3. Rest of South America
  • 11.5. Asia-Pacific
    • 11.5.1. Introduction
    • 11.5.2. Key Region-Specific Dynamics
    • 11.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Policy Type
    • 11.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coverage Type
    • 11.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
    • 11.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
    • 11.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
      • 11.5.7.1. China
      • 11.5.7.2. India
      • 11.5.7.3. Japan
      • 11.5.7.4. Australia
      • 11.5.7.5. Rest of Asia-Pacific
  • 11.6. Middle East and Africa
    • 11.6.1. Introduction
    • 11.6.2. Key Region-Specific Dynamics
    • 11.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Policy Type
    • 11.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coverage Type
    • 11.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
    • 11.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User

12. Global Business Travel Accident Insurance Market - Competitive Landscape

  • 12.1. Competitive Scenario
  • 12.2. Market Positioning/Share Analysis
  • 12.3. Mergers and Acquisitions Analysis

13. Global Business Travel Accident Insurance Market- Company Profiles

  • 13.1. Zurich Insurance Group*
    • 13.1.1. Company Overview
    • 13.1.2. Product Portfolio and Description
    • 13.1.3. Key Highlights
    • 13.1.4. Financial Overview
  • 13.2. American International Group, Inc.
  • 13.3. Nationwide Mutual Insurance Company
  • 13.4. Starr International Company Inc.
  • 13.5. Assicurazioni Generali S.P.A.
  • 13.6. Tata AIG General Insurance Company Limited
  • 13.7. AWP Australia Pty Ltd.
  • 13.8. AXA
  • 13.9. MetLife Services and Solutions Inc.
  • 13.10. Tokio Marine Holdings, Inc.(*LIST NOT EXHAUSTIVE)

14. Global Business Travel Accident Insurance Market - Premium Insights

15. Global Business Travel Accident Insurance Market - DataM

  • 15.1. Appendix
  • 15.2. About Us and Services
  • 15.3. Contact Us