The travel industry on the global scale has been observed to be growing at a gradual pace owing to increasing connectivity among countries along with growing awareness regarding domestic travel for commercial and personal travelers. The industry has also benefited from the travels undertaken by individuals and teams for their corporate operations on domestic and international level. Travel providers have studied the adoption of their services from various users and have developed special offers and services in order to expand their user base. These offers include discounts on certain experiences or traveling modes, support for visa and customers procedures, along with collaborations with insurance companies among others. When traveling on domestic and international trips, passengers are not expecting to come in contact with any disease or disorder. In order to limit the mental and financial impact on the travelers, companies have been providing dedicated insurance plans which help them in covering their health conditions during their travels. Travel insurance has been observed to grow in terms of the disorders covered over the years. Companies have also worked on increasing the awareness regarding their offerings among the target audience through dedicated marketing initiatives and undertaking collaborative efforts with travel and experience providers. In addition to this, dedicated services for corporate users are also expected to aid the growth of the market over the near future.
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The insurance coverages provided under the insurance policies for corporate users include medical treatments, hospitalization and insurance on cancellation conditions. Medical treatment that have to be taken in domestic and international conditions are observed to have significant impact on the financial as well as physiological conditions of the travelers. This leads to significant adoption of insurance service which reduces the overall impact on the travelers from personal and commercial users. Market participants have provided users with various payment methods for the premium of their insurance plans. This allows users with more options and is expected to improve the user base for the market.
Travel in terms of corporate or commercial conditions is observed to be ranging from some days to some months depending on the various visa restrictions across various countries. As a result, insurance companies have devised certain insurance plans which are able to cover the health of the traveler over the various types of duration observed in their travels. The insurance policies provided by market participants are also being developed in order to cater the various trips undertaken by travelers in the same calendar year. These factors are expected to aid the rate of adoption of insurance services from corporate travelers on the global scale. The major channels used for distribution of the insurance plans include banks, insurance companies, and insurance brokers among others. Insurance companies are observed to have a significant portion of the market revenue owing to increasing use of travel insurance from commercial users and the dedicated tie ups between organizations across various industries with insurance companies in numerous countries.
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The travel industry has been affected in an adverse manner due to the recent outbreak of the novel coronavirus (COVID-19). Growing number of cases across various countries has led governments and travel authorities to impose strict restrictions on travelling on the domestic and international scale. The reduced number of tourists have led to a reduction in demand for travel insurance from private and commercial travelers. The conditions have since affected the revenue generation for the market. Market participants have been studying the conditions of the pandemic and have also included the novel coronavirus (COVID-19) in the coverage of their insurance offerings for corporate and private travelers. The reduction in cases in certain regions has led governing authorities to authorize traveling with certain hygiene and cleanliness conditions in place. In addition to this, the inclusion of the coronavirus under the insurance coverage from various market participants is expected to be helpful in improving the rate of adoption for market offerings over the near future.
The detailed research study provides qualitative and quantitative analysis of the global corporate travel insurance market. The corporate travel insurance market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America
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Global Corporate Travel Insurance Market
- By Insurance Covered
- Medical Treatment
- Cancellation Insurance
- Hospitalization
- By Payment Method
- Monthly Outstanding Balance Method
- Single Payment Method
- By Insurance
- Single Trip Travel Insurance
- Annual Multi Trip Travel Insurance
- Long Stay Travel Insurance
- By Distribution Channel
- Bank
- Insurance Company
- Insurance Intermediaries
- Insurance Broker
- By Region
- North America
- U.S
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- North America
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