A July 2017 report by Research Nester [1] indicates that the corporate travel insurance market expects to see robust growth from 2017 to 2024 at a rate of 8.6% per year (CAGRÂ – Compound Average Growth Rate) over the forecast period, thanks to an increase in business travel.
The European region accounts for the largest market share in the global corporate travel insurance market, followed by Asia-Pacific, while Europe is anticipated to continue its dominance, in spite of recent terror attacks in France, Germany, and other European countries.
- Germany and France are likely to capture the largest market share in European corporate travel insurance market.
- The Asia-Pacific region is anticipated to maintain second position over the forecast period, with major countries witnessing the increased demand for corporate travel insurance. These countries include China, Korea, and Japan.
- The North America region is also experiencing positive corporate travel insurance growth and is expecting significant growth over the forecast period. Further, in North America, enhanced travel options and advanced technological access have made business travelers’ access to insurance companies easier.
A worldwide increase in business expansion, coupled with the rising numbers of aware business travelers, is anticipated to foster the demand for corporate travel insurance. Also, government regulation in several countries has made travel insurance mandatory.
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