Every business trip is an investment for any company to grow and expand its business. The company must have employees at the client’s place to understand their processes, operation, and implementation. The perils of this investment can be lost baggage and passports, personal accidents, and even a hospital stay in a strange land. The protection is designed to minimize the risk and potential loss of an employee and compensate their families for their loss of income due to the accidental death or permanent disability of an employee.
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Data Bridge Market Research analyzes that the U.S. Business Travel Accident Market is expected to grow at a CAGR of 17.0% in the forecast period of 2023 to 2030 and is expected to reach USD 8,487.86 million by 2030. The increase in demand for travel insurance with COVID-19 coverage and the rise in international trade and business expansion are propelling the U.S. business travel accident market.
Key Findings of the Study
Increase in Demand for Travel Insurance with COVID-19 Coverage
The pandemic has restricted people from traveling from one place to another due to the lockdown. As the lockdown restriction is lifted, people are ready to travel for their business purpose or enjoy vacations. But people are concerned about their health safety, which has raised the demand for COVID coverage in their travel insurance. The companies offer insurance plans with COVID-19 coverage, including a quarantine stipend, travel cancellation if they test positive, medical care, and others to cater to the customers' demands.
For instance,
- In July 2021, AXA signed an agreement with Club Med to offer an insurance policy designed to cover the unforeseen events that travelers may encounter before, during, or after their trip, including COVID-19. The Serenity Protection Plan insurance policy includes coverage for contamination by COVID, whereby the insurance policy can reimburse the stay and transportation. Also, the policy will provide coverage for events such as a "missed flight," baggage insurance, and compensation in case of interruption of their stay. Thus, the company will provide its customer with a policy that will allow them to enjoy their vacations while feeling secure and at ease. After COVID-19 outbreak, consumer's perspective toward health safety has changed and to cater to this need, the company has come up with different strategies
- PwC's June COVID-19 Consumer Insurance and Retirement Pulse Survey uncovered that people are moving to have a long-term benefit policy. It was also found that 15% of survey takers say they want to purchase life insurance due to COVID-19, and 37% fear that the pandemic may impact their retirement plan financially. Also, to make the insurance service available to their customer's insurance companies are moving to digitalize their platform
Thus, due to health safety concerns regarding people when traveling, the demand for COVID-19 coverage in travel insurance increased.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Year
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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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))
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Countries Covered
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U.S.
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Market Players Covered
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AXA Partners USA S.A (France), Travel Insured International (U.S.), Arch Capital Group Ltd. (U.S.), GENERALI GLOBAL ASSISTANCE (U.S.), Travelex Insurance Services Inc. (U.S.), VisitorsCoverage Inc (U.S.), Berkshire Hathaway Specialty Insurance (U.S.), AGA Service Company (U.S.), MetLife Services and Solutions, LLC (U.S.), Chubb (Switzerland), American Express (U.S.), Tokio Marine HCC (U.S.), The Hartford (U.S.), American International Group, Inc. (U.S.), Insubuy, LLC (U.S.), and International Medical Group, Inc (A Subsidiary of SiriusPoint Ltd.) (U.S.) among others
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis:
The U.S. business travel accident market is segmented into seven notable segments which are based on type, user type, distribution channel, coverage, policy type, business size, and end-user.
- On the basis of type, the business travel accident insurance market is segmented single trip coverage, annual multi-trip coverage.
In 2023, the single trip coverage segment is expected to have the largest market share.
In 2023, Single Trip Coverage is expected to dominate the market with a CAGR of 16.7% is expected to have the largest market share owing to the increase in demand for online platforms to purchase insurance.
- On the basis of user type, the market is segmented into B2B, B2C, B2B2C.
In 2023, the B2B segment is expected to dominate the U.S. business travel accident market
In 2023, In 2023, the B2B segment is expected to dominate the market growing with the highest CAGR of 17.3% in the forecast period of 2023 to 2030, due to the increase in demand for travel insurance with covid-19 coverage.
- On the basis of the coverage, the business travel accident insurance market is segmented into accidental medical, accidental death, accidental dismemberment, out-of-country medical, emergency medical evacuation, security evacuation. In 2023, the accidental medical segment is expected to dominate the business travel accident insurance market with a CAGR of 18.5% in the forecast period of 2023 to 2030
- On the basis of policy type, the business travel accident insurance market is segmented into local policies, global policies, controlled master program. In 2023, the Local Policies segment is expected to dominate the business travel accident insurance market with a CAGR of 16.8% in the forecast period of 2023 to 2030
- On the basis of distribution channel, the business travel accident insurance market is segmented into insurance brokers, insurance aggregators, insurance company, and bank. In 2023, the insurance brokers segment is expected to dominate the business travel accident insurance market with a CAGR of 17.2% in the forecast period of 2023 to 2030
- On the basis of business size, the business travel accident insurance market is segmented into large businesses (more than 500 employees), mid-size businesses (10 - 500 employees), small businesses (2 - 10 employees). In 2023, the large businesses (more than 500 employees) segment is expected to dominate the business travel accident insurance market with a CAGR of 17.5% in the forecast period of 2023 to 2030
- On the basis of end-user, the business travel accident insurance market is segmented into corporate, government, international travellers and employees (expats). In 2023, the corporate segment is expected to dominate the business travel accident insurance market with a CAGR of 17.7% in the forecast period of 2023 to 2030
Major Players
Data Bridge Market Research recognizes the following companies as the major market players in the U.S. business travel accident market that include AXA Partners USA S.A (France), Travel Insured International (U.S.), Arch Capital Group Ltd. (U.S.), GENERALI GLOBAL ASSISTANCE (U.S.), Travelex Insurance Services Inc. (U.S.), VisitorsCoverage Inc (U.S.), Berkshire Hathaway Specialty Insurance (U.S.), AGA Service Company (U.S.), MetLife Services and Solutions, LLC (U.S.), Chubb (Switzerland), American Express (U.S.), Tokio Marine HCC (U.S.), The Hartford (U.S.), American International Group, Inc. (U.S.), Insubuy, LLC (U.S.), and International Medical Group, Inc (A Subsidiary of SiriusPoint Ltd.) (U.S.) among others.
Recent Developments
- In July 2021, AXA announced that they signed an agreement with Club Med to offer an insurance policy designed to cover the unforeseen events that travelers may encounter before, during or after their trip, including covid-19. The Serenity Protection Plan insurance policy includes coverage for contamination by covid, whereby the insurance policy can reimburse the stay and transportation. Also, the policy will provide coverage for events such as a “missed flight,” baggage insurance and compensation in case of interruption of their stay. Thus the company will provide its customer with a policy that will allow them to enjoy their vacations while feeling secure and at ease
- In March 2021, Tesco Bank launched new travel insurance which includes covid-19 cover to help protect customers who test positive and may experience disruption on their trip. For this, Tesco has partnered with ROCK Insurance Group to manage the scheme, while ROCK has selected AXA Partners to provide the underwriting, claims handling, and medical assistance services. Thus the company will be able to expand its market and increase its customer base
- In February 2021, The Hartford announced participating in the 22nd Annual Credit Suisse Virtual Financial Services Forum. The agenda will feature a strong mix of banks, insurers, brokers, asset managers, exchanges, and specialty finance companies. The conference is designed to bring clients and management teams closer together
Regional Analysis
Geographically, the country covered in the U.S. business travel accident market is the U.S.
For more detailed information about the U.S. business travel accident market report, click here – https://www.databridgemarketresearch.com/ko/reports/us-business-travel-accident-insurance-market
