The fact that business travel insurance provides immediate coverage for personal belongings & business equipment and offers the much-needed security against damage fuels the growth of the global business travel insurance market. Based on distribution channel, the insurance intermediaries segment held the major share in 2020. Based on region, on the other hand, the market across Asia-Pacific would grow at the fastest CAGR by 2030.
Portland,OR, Sept. 21, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global business travel insurance market was estimated at $3.61 billion in 2020 and is expected to hit $20.19 billion by 2030, registering a CAGR of 19.2% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
The fact that business travel insurance provides immediate coverage for personal belongings & business equipment and offers the much-needed security against damage fuels the growth of the global business travel insurance market. On the other hand, lack of awareness among business owners toward travel insurance policy impedes the growth to some extent. However, increase in spending of business on different types of insurance and adoption of digital tools, such as artificial intelligence (AI), application program interface (API), global positioning system (GPS), and data analytics for delivering affordable insurance policy are expected to provide lucrative opportunities for the market growth.
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The uncertainties in travel rules & dictums led to a steep decline in the number of business travel plans across the globe, which impacted the global business travel insurance market badly.
However, the global situation is getting ameliorated slowly & steadily, and the market is projected to revive soon.
The global business travel insurance market is analyzed across coverage type, distribution channels, application, and region. Based on coverage type, the multi-trip travel insurance segment accounted for nearly three-fifths of the total market share in 2020, and is expected to rule the roost by 2030. The same segment would also garner the fastest CAGR of 20.0% throughout the forecast period.
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Based on distribution channel, the insurance intermediaries segment contributed to more than one-fourth of the total market revenue in 2020, and is projected to lead the trail by 2030. The insurance aggregators segment, on the other hand, would exhibit the fastest CAGR of 25.0% during the forecast period.
Based on region, the market across Europe held the major share in 2020, garnering more than one-third of the global market. Simultaneously, the Asia-Pacific region would manifest the fastest CAGR of 21.2% throughout the forecast period. The other provinces discussed in the report include North America and LAMEA.
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The key market players analyzed in the global business travel insurance market report include American International Group Inc., Zurich, Assicurazioni Generali S.P.A., USI Insurance Services LLC, AXA, Chubb, Allianz, Nationwide, Seven Corners Inc., and TravelSafe. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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