The rise in incidences of loss of luggage due to an increase in tourist arrivals drives the growth of the United States business travel insurance market. According to TechSci Research report, “United States Business Travel Insurance Market By Type of User (B2B, B2C, B2B2C), By Insurance Cover (Single trip travel insurance, Annual multi-trip travel insurance, Long-stay travel insurance), By Distribution Channel (Bank, Insurance company, Insurance intermediaries, Insurance broker, Insurance Trade, Insurance Aggregator, Others), By Region, Forecast & Opportunities, 2025”, the US business travel insurance market is expected to grow at a formidable rate during the forecast period on account of the strict travel insurance regulations mandate and a growing number of global security concerns related to international travel.
Important Factors in United States Business Travel Insurance Market
Additionally, factors such as a rise in the number of international trips for business purposes, an increase in the number of price comparison websites, an increase in the number of multi-trip policies, and expansion in overseas business, among others are further driving the growth of the market during the next five years.
Furthermore, associated benefits such as risk cover against medical and hospitalization expenses for accidents or illnesses, including medical evacuation if necessary, death or permanent disability, loss or delay of baggage, cancellation of flight due to bad weather conditions, trip cancellation, and loss of passport & other travel documents are driving the market in the country. However, a lack of awareness among consumers regarding obtaining travel insurance can hamper the growth of the market during the forecast period.
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The US business travel insurance market is segmented based on the type of user, insurance cover, distribution channel, company, and region. Based on insurance coverage, the market can be fragmented into single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. The single-trip travel insurance segment is expected to dominate the market during the forecast period on account of its increasing popularity and affordability. Additionally, the growing number of business travelers and rising awareness among employers about the various corporate travel insurance policies are further driving the growth of the segment during the forecast period. The multi-trip insurance segment is expected to register the highest growth during the forecast period in order to avoid last-minute purchasing hassles and to gain cost-effective plans. Additionally, this is one of the most preferred types of insurance segments chosen by various enterprises.
Major competitors in United States Business Travel Insurance Market
- Seven Corners Inc.
- Travel Safe Insurance
- USI Insurance Services LLC
- MH Ross Travel Insurance Services Inc.
- American International Group, Inc.
- Chubb Ltd.
- Search Results
- CSA Travel Protection
- MetLife Inc
- Allianz and others are some of the leading players operating in the United States business travel insurance market. For instance, in 2017, Chubb Ltd. launched an enhanced travel smart application to provide safety alerts for business travelers. Further, the company has been keen on providing 24/7 emergency medical and security assistance to business travelers throughout the year.
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“United States business travel insurance market is expected to witness significant growth during the forecast period, owing to the increasing spending on employee travel in the country. Additionally, enhanced travel options and advanced technological access have made business travelers’ access to insurance companies easier, which is further expected to propel the market over the coming years. Furthermore, the presence of key players in the country such as Travel Safe Insurance, USI Insurance Services LLC, Chubb Ltd., and Search Results, among others are expected to propel the market during the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“United States Business Travel Insurance Market By Type of User (B2B, B2C, B2B2C), By Insurance Cover (Single trip travel insurance, Annual multi-trip travel insurance, Long-stay travel insurance), By Distribution Channel (Bank, Insurance company, Insurance intermediaries, Insurance broker, Insurance Trade, Insurance Aggregator, Others), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of US business travel insurance market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the United States business travel insurance market.
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