Geographically, Europe region accounts for the largest market share in global corporate travel insurance market followed by Asia-Pacific.
Corporate travel insurance is an insurance that is meant to cover medical expenses and others losses incurred while doing business travel. Corporate travel insurance includes an extensive range of benefits for various events such as trip cancellation, loss of baggage, evacuation due to medical conditions and others.
Market Size and Forecast
The corporate travel insurance market is showcased to witness a robust growth during the forecast period 2017-2024. The market is anticipated to flourish at a CAGR of 8.6% over the forecast period. Increase in business travels is expected to foster the growth of corporate travel insurance market across the globe.
Geographically, Europe region accounts for the largest market share in global corporate travel insurance market followed by Asia-Pacific.
Moreover, Europe is anticipated to continue its dominance over the forecast period owing to recent terror attacks in France, Germany, and other European countries. Moreover, rise in number of business travelers with high travel spending is expected to garner the growth of corporate travel insurance market in this region. Germany and France is likely to capture the largest market share in European corporate travel insurance market.
Asia-pacific is anticipated to maintain second position over the forecast period. The major countries witnessing the increased demand for corporate travel insurance include China, Korea and Japan. North America region is also witnessing a positive corporate travel insurance growth and is expected to witness the significant growth over the forecast period. Further, in North America, enhanced travel options and advanced technological access have made business traveler’s access to insurance companies easier, thereby escalating the adoption rate of corporate travel insurance.
Growth Drivers and Challenges
Increase in expansion of business across the globe coupled with rising business travelers is anticipated to foster the demand for corporate travel insurance. Further, rising awareness among business travelers is anticipated to be the dynamic factor behind the rapid growth of corporate travel insurance market. Also, government regulation of several countries have made travel insurance mandatory, which is envisioned to bolster the growth of corporate travel insurance market.
However, lack of awareness about insurance policies is believed to dampen the growth of corporate travel insurance market. Moreover, this can be attributed to various factors such as low percentage level of economic development of countries, extent of saving in financials and the reach of insurance sector.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
