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United States Business Travel Insurance Market

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

  • Published Date: May 2022
  • Report ID: BWC22163
  • Available Format: PDF
  • Page: 119

Report Overview

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...

United States Business Travel Insurance Market- Industry Trends & Forecast Report 2028

United States business travel insurance market is anticipated to grow at a CAGR of around 16% during the forecast period 2022-2028. The 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. Furthermore, high consumer consciousness towards the benefits of business travel insurance also acts as a major driving factor for the market growth.

United States Business Travel Insurance - Overview

Business travel insurance provides the same level of protection as conventional travel insurance for a vacation. It is, however, primarily designed for commercial purposes and comes with a number of benefits. This type of travel insurance offers different types of coverage including emergency evacuation/repatriation coverage, baggage delay coverage, medical and dental coverage, trip cancellation coverage, travel delay coverage, baggage coverage, emergency travel assistance coverage.

United States Business Travel Insurance Market Forecast and Trends

Growth Drivers

Flourishing Domestic Travel in the United States

The increasing number of domestic travels annually is emerging as one of the major driving factors for the growth of the United States business travel insurance market. The larger percentage of these domestic travels are mostly for business purposes. Healthcare is expensive in the United States and the risk associated with business travel is high. Therefore, the companies offer business travel insurance to employees to keep their costs minimum.

Mandatory Compliance and High Healthcare Cost

Having travel insurance policies is mandatory for foreigners in several regions. For instance, although a US citizen does not need a travel insurance policy to travel to Europe, travel insurance is mandatory for an American going to Europe for more than 90 days. Furthermore, it is also not mandatory for traveling to Canada. However, the cost of healthcare in Canada is also extremely high, because of which business travel insurance is recommended.

Restraints

Dominance Of Major Players Results in Entry Barriers to New Players

The United States business travel insurance market is mainly dominated by big players only. This gives them the control over determining the policies and the rates of insurance to limited players only, which sabotages the market growth. The lack of small and medium-sized insurance providers limits the access to small businesses to these services, which may hinder the growth of the United States business travel insurance market in the forecast period.

Impact of COVID-19 on United States Business Travel Insurance Market

The unprecedented COVID-19 pandemic outbreak originally had a detrimental influence on the business travel insurance industry in the United States. This is because the travel and tourism business has been hit the worst in the country. Citizens were warned to postpone and cancel their local and international travel plans. Due to the potential of COVID-19 infection, airports were also blocked to international visitors, resulting in a major drop in the demand for business travel insurance. However, once foreign flights restart following the COVID-19 outbreak, the industry is expected to rise significantly.

United States Business Travel Insurance Market - By Type of User

Based on the type of user, the United States business travel insurance market is segmented into B2B, B2C, and B2B2C. The B2B2C segment accounts for the largest market share owing to the increasing demand for business travel insurance from organizations and companies for their employees traveling abroad or even taking domestic trips. However, the B2C type of user is anticipated to register the highest growth rate during the forecast period owing to the emerging small businesses and startups.

United States Business Travel Insurance Market - By Insurance Cover

Based on insurance cover, the United States business travel insurance market is segmented into single trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. The multi-trip travel insurance coverage holds the largest market share because it provides a wide variety of coverage. This sort of insurance covers medical expenses such as repatriation and medical evacuation, as well as emergency dental care and checked luggage loss. The business personnel takes multiple trips throughout the year due to which the multi-trip travel insurance proves more cost-efficient.

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 aggregators, 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.

Competitive Landscape

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.

Scope of the Report

Attributes Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Billion
Product Service/Segmentation By Type of User, By Insurance Cover, By Distribution Channel
Key Players 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.

 

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
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary and Secondary Products
    2. Quantitative Research
      1. Primary and Secondary Products
    3. Breakdown of Primary Research Respondents
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Industry Participants
    5. Market Breakdown & Data Triangulation
  3. Executive Summary
  4. US Business Travel Insurance Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Porter’s Five Forces Analysis
      1. Bargaining End-use Industry of Suppliers
      2. Bargaining End-use Industry of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
    4. Recent Development
    5. PESTEL Analysis
  5. US Business Travel Insurance Market Overview
    1. Market Size & Forecast by Value, 2018-2030
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Coverage Type
        1. Single Trip Travel Insurance
        2. Multi Trip Travel Insurance
      2. By Distribution Channel
        1. Insurance Intermediaries
        2. Insurance Companies
        3. Banks
        4. Insurance Brokers
        5. Insurance Aggregators
      3. By Application
        1. Domestic
        2. International
  6. Competitive Landscape
    1. List of Key Players and their Offerings
    2. Company Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
  7. Impact of Covid-19 Across Business Travel Insurance Market
  8. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. Allianz Group
    2. American International Group Inc
    3. Metlife, Inc.
    4. CSA Travel Protection
    5. Chubb
    6. Seven Corners, Inc
    7. USI Insurance Services LLC
    8. Travelex Insurance Services Inc.
    9. Berkshire Hathaway Travel Protection
    10. Other Prominent Players.
  9. Key Strategic Recommendations

 

List of Figures

 

 Figure 1        U.S. Business Travel Insurance Segmentation

Figure 2        U.S. Business Travel Insurance Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        US Business Travel Insurance Market Size, By Value (USD Million), 2018-2028

Figure 5        US Business Travel Insurance Market Share, By Coverage Type, By Value, 2018-2028

Figure 6        US Business Travel Insurance Market Share, By Distribution Channel, By Value, 2018-2028

Figure 7        US Business Travel Insurance Market Share, By Application, By Value, 2018-2028

 

List of Tables

 

Table 1         US Business Travel Insurance Market Size, By Coverage Type, By Value, 2018-2028  

Table 2  US Business Travel Insurance Market Size, By Distribution Channel, By Value, 2018-2028                                     

Table 3         US Business Travel Insurance Market Size, By Application, By Value, 2018-2028                                             

Table 4         Allianz Group Company Overview                                         

Table 5         Allianz Group Financial Overview                                          

Table 6         American International Group Inc Company Overview                                          

Table 7         American International Group Inc Financial Overview                                           

Table 8         Metlife, Inc. Company Overview                                           

Table 9        Metlife, Inc. Financial Overview                                             

Table 10        CSA Travel Protection Company Overview                                       

Table 11        CSA Travel Protection Financial Overview                                        

Table 12        Chubb Company Overview                                         

Table 13        Chubb Financial Overview                                         

Table 14        Seven Corners, Inc Company Overview                                          

Table 15        Seven Corners, Inc Financial Overview                                           

Table 16        USI Insurance Services LLC Company Overview                                         

Table 17        USI Insurance Services LLC Financial Overview             

Table 18        Travelex Insurance Services Inc. Company Overview                                           

Table 19        Travelex Insurance Services Inc. Financial Overview                

Table 20        Berkshire Hathaway Travel Protection Company Overview                                               

Table 21        Berkshire Hathaway Travel Protection Financial Overview                             

Market Segmentation

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
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