US Business Travel Insurance Market to Grow at a CAGR of 16% until 2028
Published | 25 May 2022
The United States business travel insurance market is growing at a high CAGR because of international commerce, the presence of multinational firms, and favorable government programs that require the purchase of business travel insurance while traveling internationally.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States business travel insurance market is forecast to grow at a CAGR of 16% during the forecast period of 2022-2028. The US business travel insurance market is growing rapidly as a result of rising international commerce, presence of multinational firms, and favorable government programs that require the purchase of business travel insurance while traveling internationally. Furthermore, increased consumer awareness of the benefits of business travel insurance is a primary driver of market expansion. However, the dominance of a handful of players may act as a huge restraining factor for the market growth.
Launch Of Insurance Plans Covering Covid-19 Infection Risk is Presenting Growth Opportunities
Following the onset of the COVID-19 pandemic, corporate travel insurance firms are increasing including coronavirus infection risks in their policies. These plans give coverage to its clients going overseas, ensuring that insureds who become infected with COVID-19 while traveling abroad have easy access to necessary healthcare. These insurance policies that contain benefits to cover Coronavirus have received regulatory approval as well. This is expected to provide attractive development prospects for the business travel insurance industry in the United States.
Flourishing International Trade and Expansion Manufacturing Units in Developing Economies is Driving Market Growth
The United States is among the fastest-growing countries in terms of business and trade. Multinational corporations along with the government make various investments in other countries to establish and expand their business. They also set up production plants in emerging economies. This prompts the high-level employees or business personnel to make visits to these countries for monthly or yearly evaluation and oversee market insights and prospects, which is driving its market growth.
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United States Business Travel Insurance Market - By Distribution Channel
Based on distribution channels, the United States business travel insurance market is segmented into banks, insurance companies, insurance intermediaries, insurance brokers, insurance trade, insurance aggregator, and others. The insurance intermediaries account for the largest market share in the United States business travel insurance market. This category includes individual and corporate agents, as well as banks and brokers. Most people looking for travel insurance, especially first-timers, look for the safest choice with the best possibility of making a claim. As a result, they frequently choose these insurance middlemen, resulting in market expansion.
Impact of COVID-19 on United States Business Travel Insurance Market
The sudden COVID-19 pandemic had a negative impact on the business travel insurance sector in the United States at first. This is because the travel and tourism industry has taken the brunt of the country's economic downturn. Citizens were advised to cancel and postpone local and international travel arrangements. Airports were also closed to international visitors due to the risk of COVID-19 infection, resulting in a significant decline in the demand for business travel insurance. However, when international flights resume after the COVID-19 epidemic, the business is projected to boom.
The leading market players in the United States business travel insurance market are Seven Corners Inc., Travel Safe Insurance, USI Insurance Services LLC, MH Ross Travel Insurance Services Inc., American International Group, Inc., Chubb Ltd., CSA Travel Protection, MetLife, Inc, Allianz SE, and other prominent players.
The United States business travel insurance market is highly concentrated and consolidated among big players. The companies constantly launch new products and policies that suit the needs of their customers traveling to different countries. They are also increasingly integrating advanced tools such as IoT sensors to drive market growth. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
Don’t miss the business opportunity in the United States business travel insurance market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United States business travel insurance market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States business travel insurance market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- 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) Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Publish Date: May 2022
United States business travel insurance market is flourishing at a high rate owing to the expanding international trade because of the presence of multinational corporations along with favorable government initiatives that mandate buying business travel insurance during international trips...
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