A lead analyst at AMR has highlighted that the business travel insurance market across Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
Download Sample Pages:
https://www.linkedin.com/feed/update/urn:li:activity:6935935776333402112
Allied Market Research published a research report on the business travel insurance market. The findings of the report state that the global market for business travel insurance generated $3.61 billion in 2020, and is projected to reach $20.19 billion by 2030, witnessing a CAGR of 19.2% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
Request Free Sample Report Now:
https://www.facebook.com/alliedmarketresearch/posts/pfbid029r8X9xyGxGVtLDvPM7bMQDbBmS7EHZjNPe6kBS3SaVVpPPRnXZtBYeAAsfdpP7mcl
“Depending on coverage type, the multi-trip travel insurance segment is expected to experience significant growth in the coming years, owing to the growing need of multi-trip travel insurance among the business for reducing the cost of damages in various international and domestic tours of their employees. In addition business travelers tend to travel multiple times in a year, thus to reduce the cost of various damages and to increase the safety of the products, enterprises are adopting multi-trip travel insurance coverage plans, which in turn is driving the growth of the market,” said Pramod Borasi, Manager, Senior Research Analyst at Allied Market Research.
The report provides insights on drivers, restraints, and opportunities to help the market players in devising growth strategies and capitalizing on opportunities. The fact that business travel insurance provides immediate coverage for personal belongings & business equipment and offers much-needed security against damage propels the growth of the global business travel insurance market. On the other hand, a lack of awareness among business owners toward travel insurance policies restrains growth to some extent. However, rise in the expenditure from business entities on different types of insurance and growing adoption of digital tools, such as artificial intelligence (AI), application program interface (API), a global positioning system (GPS), and data analytics for delivering affordable insurance policy are expected to pave the way for lucrative opportunities in the industry.
The report also offers a detailed scenario of the impact of the Covid-19 pandemic on the business travel insurance market globally. It is helpful for the market players, new entrants, and investors to determine strategies per the current scenario and improvise relevant business models for the next few years. Strict regulations imposed on travel rules & dictums had given way to a steep decline in the number of business travel plans across the world, which in turn impacted the global business travel insurance market negatively. However, as the global situation is getting tweaked slowly & steadily, the market is expected to revive soon.
The report offers detailed segmentation of the global business travel insurance market based on coverage type, distribution channels, application, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest-growing and largest revenue-generating segments to accomplish growth in the future.
By coverage type, the multi-trip travel insurance segment garnered nearly three-fifths of the total market revenue in 2020 and is projected to maintain the lion’s share by 2030. The same segment would also display the fastest CAGR of 20.0% during the forecast period.
By distribution channel, the insurance intermediaries segment accounted for more than one-fourth of the total market share in 2020 and is projected to lead the trail by 2030. The insurance aggregators segment, however, would manifest the fastest CAGR of 25.0% throughout the forecast period.
By region, the market across Europe held a significant share in 2020, contributing to more than one-third of the global market. On the other hand, the Asia-Pacific region would display the fastest CAGR of 21.2% throughout the forecast period. The other provinces analyzed in the report include LAMEA and North America.
Leading market players of the global business travel insurance market analyzed in the report include Zurich, Assicurazioni Generali S.P.A., USI Insurance Services LLC, Nationwide, AXA, TravelSafe, American International Group Inc., Chubb, Allianz, Seven Corners Inc.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285 |UK: +44-845-528-1300 | Hong Kong: +852-301-84916 | India (Pune): +91-20-66346060|Fax: +1-855-550-5975
Email: help@alliedmarketresearch.com.
Follow us on LinkedIn, Twitter, Facebook, Pinterest, YouTube & Instagram.