Business travel accident insurance is a specialized type of travel insurance. Benefits are paid regardless of whether the traveler has other AD&D and life insurance coverage. In addition, some insurance plans also include emergency medical expenses. Business travel accident insurance is an important benefit for many companies, particularly those with employees who frequently travel internationally on company business.
The rapid growth of international trade, combined with the growing number of terrorist attacks and natural disasters, is expected to contribute to the growth of the business travel insurance market in the forecast period. Improving global economic situation, the ongoing transformation of business practices, the popularity of price comparison apps and websites, the growth of the trend towards multi-trip policies, the fade of travel and blogging, are expected to drive the growth of the business travel insurance market.
In June, 2021, India’s leading private sector general insurance company, HDFC ERGO General Insurance, announced an alliance with Visa, a global leader in digital payment. The partnership offers organized insurance coverage for Visa Business Card cardholders. It includes two insurance products named Business Suraksha Classik and my: Credit Personal Accident Insurance group policy. HDFC ERGO is a digital first insurance company and based on technology, the company has created a dedicated portal for Visa customers.
The global business travel accident insurance market is broadly bifurcated based on product type, application, and region. By product type, the global market is classified into single trip coverage, annual multi trip coverage, others. Further, based on application, the global market for business travel accident insurance market is categorized into law enforcement & emergency personnel, healthcare, educators.
Europe will dominate the business travel insurance market, while North America is expected to have the highest growth rate. Europe’s market position is likely due to the expansion of companies and significant share in the market. Other regions such as Middle East and Africa are expected to grow gradually in the coming period, amid increasing tourism and startup culture in the regions.
Some of the leading names in the global business travel accident insurance market Starr International Company, Inc., Seven Corners Inc., Nationwide Mutual Insurance Company, Aviva, Bupa, Berkshire Hathaway Specialty Insurance, and Sirius International Insurance Group, ACE Limited, Lockton Companies, AIG, AXIS, Zurich, MetLife, Chubb, Cigna, among others. Worldwide players are adopting various strategies to their product portfolio robust and convenient. This approach would play a crucial role in uplifting the revenue of the global market.