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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:
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Report Coverage |
Details |
|
Forecast Period |
2022–2032 |
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Base Year |
2022 |
|
Market Size in 2022 |
$4.13 billion |
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Market Size in 2032 |
$30.20 billion |
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CAGR |
22.2 % |
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No. of Pages in Report |
312 |
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Segments Covered |
Type, Application, Distribution Channel, and Region. |
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Drivers |
Rise in global business travel Heightened awareness of travel risks Corporate emphasis on employee well-being |
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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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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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