United States Business Travel Insurance Market to Grow at a Formidable Rate until 2025
Rise in incidences of loss
of luggage due to increase in tourist arrivals to drive the growth of 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 United States 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. Additionally, factors such
as rise in the number of international trips for business purposes, increase in
number of price comparison websites, increase in number of multi-trip policies,
expansion in overseas business, among others are further driving the growth of
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, lack of
awareness among the consumers regarding obtaining travel insurance can hamper
the growth of market during forecast period.
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The United States business travel
insurance market is segmented based on type of user, insurance cover,
distribution channel, company and region. Based on insurance cover, 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 the increasing popularity and affordability. Additionally, growing
number of business travels and rising awareness among the 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 type of insurance segment
chosen by various enterprises.
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 United States business travel insurance market. For
instance, in 2017, Chubb
Ltd. launched an enhanced travel smart application to provide safety alerts for
the business travellers. Further, the company has been keen in providing 24/7
emergency medical and security assistance to the business travellers 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 the
employee travel in the country. Additionally, enhanced travel options and
advanced technological access have made business traveler’s 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., 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 United States 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 United States business
travel insurance market.
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