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Business Travel Accident Insurance Market to Reach $30.20 billion, Globally, by 2032 at 22.2% CAGR: Allied Market Research
Rise in global business travel, heightened awareness of travel risks, and increase in emphasis that corporations place on the well-being of their employees drive the growth of the business travel accident insurance market.
PORTLAND, Ore., Nov. 25, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Business Travel Accident Insurance Market by Type (Single-Trip Travel Insurance and Multi-Trip Travel Insurance), Application (Domestic and International), and Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global business travel accident insurance industry generated $4.13 billion in 2022, and is anticipated to generate $30.20 billion by 2032, witnessing a CAGR of 22.2% from 2023 to 2032.
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Prime determinants of growth
The business travel accident insurance market is expected to witness notable growth owing to rise in global business travel. With this rise in travel, there is a greater awareness among businesses about the potential risks employees face while on these trips which drives the adoption of business travel accident insurance policies. Furthermore, an increase in awareness of travel risks, and corporate emphasis on employee well-being further fuels the growth of the market. Moreover, advancement in technology is expected to provide a lucrative opportunity for the growth of the market during the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2022–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$4.13 billion |
|
Market Size in 2032 |
$30.20 billion |
|
CAGR |
22.2 % |
|
No. of Pages in Report |
312 |
|
Segments Covered |
Type, Application, Distribution Channel, and Region. |
|
Drivers |
Rise in global business travel Heightened awareness of travel risks Corporate emphasis on employee well-being |
|
Opportunities |
Advancement in technology |
|
Restraints |
High cost associated with business travel accident insurance |
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COVID-19 scenario
- The COVID-19 pandemic negatively impacted the business travel accident insurance market size. During the pandemic, businesses implemented travel restrictions and employees shifted to remote work, leading to a decline in business travel. This reduced the demand for business travel accident insurance as fewer employees were undertaking work-related trips.
- Companies reassessed their travel policies, and some chose to reduce insurance coverage due to the decreased travel activities, contributing to a contraction in the market.
The multi-trip travel insurance segment to maintain its leadership status throughout the forecast period
By type, the multi-trip travel insurance segment held the highest market share in 2022, accounting for around three-fifths of the global business travel accident insurance market revenue, and is projected to manifest the highest CAGR of 23.6% from 2023 to 2032. This is attributed to the increasing number of professionals engaging in frequent business travel. Businesses are recognizing the efficiency and cost-effectiveness of providing comprehensive coverage for multiple trips under a single policy, streamlining administrative processes. The convenience and time-saving aspect of an annual plan for regular travelers contribute to the rising popularity of multi-trip insurance.
The domestic segment to maintain its leadership status throughout the forecast period
By application, the domestic segment held the highest market share in 2022, accounting for more than two-thirds of the global business travel accident insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increasing trend of professionals traveling within their own country for work which has created a higher demand for insurance coverage tailored to domestic business trips. However, the international segment is projected to manifest the highest CAGR of 25.2% from 2023 to 2032, owing to the increasing globalization of businesses. As more companies expand their operations globally, employees frequently embark on international trips for work. The complexity and unique challenges of travel abroad, including diverse healthcare systems and potential unforeseen events, emphasize the need for specialized insurance coverage.
The insurance intermediaries segment to maintain its leadership status throughout the forecast period
By distribution channel, the insurance intermediaries segment held the highest market share in 2022, accounting for nearly one-third of the global business travel accident insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increase in use of digital platforms to sell insurance products among insurance intermediaries. However, the virtual assistants and customer support segment is projected to manifest the highest CAGR of 27.1% from 2023 to 2032, owing to increase in partnership between insurance providers to deliver affordable business travel insurance policies.
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Europe to maintain its dominance by 2032
By region, Europe held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global business travel accident insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the increase in globalization of businesses, which has led to a rise in corporate travel, emphasizing the need for comprehensive insurance coverage. Furthermore, the increase in awareness of potential risks, and the emphasis on corporate responsibility drives the growth of the business travel accident insurance market in Europe. However, Asia-Pacific is expected to witness the fastest CAGR of 25.1% from 2023 to 2032. This is attributed to the rapid economic development in the region and heightened awareness of travel-related risks.
Leading Market Players: –
- American International Group, Inc.
- Arch Capital Group Ltd.
- AXA SA
- Chubb
- MetLife Services and Solutions, LLC
- Starr International Company, Inc.
- Tata AIG General Insurance Company Limited
- The Hartford
- VisitorsCoverage Inc.
- Zurich American Insurance Company
The report provides a detailed analysis of these key players of the global business travel accident insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Fintech PR
WSPN Appoints Former EY Global Chief Innovation Officer Jeff Wong as Independent Director
SINGAPORE, Dec. 26, 2024 /PRNewswire/ — Worldwide Stablecoin Payment Network (WSPN), a leading stablecoin infrastructure company, announces the appointment of Jeff Wong as Independent Director. Mr. Wong brings over 25 years of experience in technology innovation and enterprise transformation to WSPN. He most recently served as EY’s Global Chief Innovation Officer from 2015 to 2024, where he spearheaded the firm’s global innovation initiatives and established EY’s advanced technology labs focusing on Artificial Intelligence, Blockchain, Quantum Computing, and Web3.
Prior to EY, Mr. Wong held leadership roles at eBay and JPMorgan Partners. He is a member of the Council on Foreign Relations, the Forbes Technology Council, and the founding Chair of Asia Society’s Technology and Innovation Council, helping drive the innovation and transformation agenda. He was also a member of the World Economic Forum’s Global Future Council on Innovation Ecosystems. He has previously served on the Oxford Foundry Board at Oxford University and the Advisory Board for AI4All. Mr. Wong is a recipient of the Outstanding 50 Asian Americans in Business award and an honoree of the A100 List by Gold House, recognizing individuals with Asian Pacific heritage who have made a significant impact on American culture and society.
“Joining WSPN at this pivotal moment in the stablecoin industry is incredibly exciting,” said Mr. Wong. “I look forward to contributing my experience in emerging technologies and enterprise transformation to help WSPN build the next generation of digital payment infrastructure.”
“Jeff’s appointment represents a significant strategic addition to WSPN,” said Raymond Yuan, Founder and CEO of WSPN. “His deep expertise in innovation management, enterprise transformation, and emerging technologies, combined with his leadership experience at global institutions, will be invaluable as we accelerate our market expansion and global development.”
About WSPN
WSPN is a leading provider of next-generation stablecoin infrastructure, committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure digital payments for Web3 users. WSPN’s Stablecoin 2.0 approach prioritizes user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.
Learn more: www.wspn.io | X | LinkedIn
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Refining Capacity of the Base Surpasses 50 Million Tons per Year
NINGBO, China, Dec. 26, 2024 /PRNewswire/ — China Petroleum & Chemical Corporation‘s (HKG: 0386, “Sinopec”) recently announced the mechanical completion of the second-phase expansion and advanced materials project at its Zhenhai Refinery. This milestone sets new benchmarks for innovation, smart manufacturing, and energy efficiency in large-scale projects. The refinery’s capacity has now been upgraded to 40 million tons per year, contributing to the Zhejiang Ningbo Petrochemical Industrial Base surpassing a total refining capacity of 50 million tons annually. The achievement solidifies its position as China’s largest, most advanced, and globally competitive petrochemical industrial base.
Located in the Yangtze River Delta, a key downstream product consumption hub, the Zhejiang Ningbo Petrochemical Industrial Base plays a vital role in Sinopec’s value chain. The second-phase expansion and advanced materials project, with a total investment of CNY 41.6 billion, incorporates 18 production units, including atmospheric distillation, catalytic cracking, polypropylene, and propane dehydrogenation units. By emphasizing chemical-focused processes, the project creates multiple high-value-added supply chains.
The facility’s expanded production capacity supports the development of high-end polyolefins, advanced materials, and specialty chemicals. It is expected to provide approximately 8 million tons of petrochemical products annually, significantly boosting the overall capacity of supply chains for industries such as automotive, home appliances, and textiles in the region. This expansion is forecast to generate trillions of yuan in upstream and downstream industrial value.
The project achieved remarkable progress in technological innovation and sustainability. Highlights include:
- Localization of 10 core technologies, including the world’s highest-load vertical labyrinth compressor.
- Extensive deployment of smart technologies, enabling simultaneous delivery of digital and physical factories.
- Integration of a fully localized industrial operating system and a self-developed industrial internet platform to enhance decision-making and management.
- Implementation of comprehensive energy-saving measures, achieving an overall reduction in energy consumption of 11.7%.
- Safety and quality were paramount during construction, with over 90 million consecutive safe man-hours recorded and a 100% quality pass rate for all units, setting a new industry benchmark.
Zhenhai Refinery, Sinopec’s largest integrated refining and chemical enterprise, boasts an ethylene production capacity of 2.2 million tons per year. It is also the only enterprise in China consistently ranked in the top performance group of the Solomon Global Ethylene Performance Evaluation.
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Fintech PR
2025 Will See Increased QR Code Payments but Payment Card IC ASPs Will Not Return to Pre-Covid Levels
ABI Research’s 5th annual Trend Report identifies the key Digital Payment Technologies trend that will come to fruition —and the 1 that won’t—in 2025
NEW YORK, Dec. 24, 2024 /PRNewswire/ — As 2025 kicks off, predictions abound on the technology innovations expected in the year ahead. In its new whitepaper, 101 Technology Trends That Will—and Won’t—Shape 2025, analysts from global technology intelligence firm ABI Research. ABI Research analysts identify 54 trends that will shape the technology market and 47 others that, although attracting vast amounts of speculation and commentary, are less likely to move the needle over the next twelve months. In the Digital Payment Technologies space, 2025 will see increased QR code payment acceptance but little growth for payment card IC ASPs.
“2024 has been marked by challenges, from global conflicts and inflationary pressures to political uncertainty. These factors have strained enterprise and consumer spending, leading to market inertia, short-term technology investments, sidelined capital, and the exposure of vulnerable suppliers,” says Stuart Carlaw, Chief Research Officer at ABI Research. “From a technology perspective, many industries and end markets are in that awkward stage of technology adoption where they are formulating implementation strategies, assessing solutions and partners, and trying to see if they have the resources needed to roll out solutions at scale. This is a particularly sensitive time, which tends to suggest 2025 will have tech implementers and end users on the brink of a period of a massive technology shift as they work through these issues.”
What Will Happen in 2025:
QR code payment acceptance will continue to increase with use cases expanding
Although QR code payment acceptance is prevalent in countries such as China and growing in emerging digital payment markets, including in India, use cases and potential growth areas are not limited to these countries. Significant and continued investments by vendors, including PayPal, Stripe, and SumUp, are setting the foundation for increased adoption in other mature and established economies with use cases expanding. Although QR codes are already being used by many Small and Medium Enterprises (SMEs) and pop-up retail businesses, 2025 will mark the year when the technology begins to shift from one niche to partial mainstream.
What Won’t Happen in 2025:
Payment card IC ASPs will not return to pre-COVID-19 levels
Since the COVID-19 pandemic, chipset pricing has been on a continual rise, driven by increased pricing in myriad manufacturing areas, including energy, raw material, transit pricing, and inflation, driving up wages. The chip shortage further compounded this, and according to ABI Research, the Average Selling Price (ASP) for a payment card Integrated Circuit (IC) increased by approximately +30% between 2020 and 2023. However, despite pricing pressures returning, the cost of payment ICs is some years away from matching pre-COVID-19 levels. Although 2025 will mark another year of pricing deprecation, it will not be until around 2028 when pricing is expected to drop to levels similar to those achieved in 2019 steadily.
For more trends that will and won’t happen in 2025, download the whitepaper, 101 Technology Trends That Will—and Won’t—Shape 2025.
About ABI Research
ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.
ABI Research是一家全球性的技术情报公司，拥有得天独厚的优势，充当终端市场公司和技术解决方案提供商之间的桥梁，通过提供独家研究和专业性指导，推动成功的技术实施和提供经证明可吸引和留住客户的战略，无缝连接这两大主体。
For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.
Contact Info:
Global
Deborah Petrara
Tel: +1.516.624.2558
[email protected]
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