The Corporate Travel Insurance Market is projected to accumulate huge returns worth USD 5.1 Bn in 2021 and will gain earnings of about USD 20 Bn by 2028. Apart from this, the industry is predicted to record a CAGR of nearly 20% in 2022-2028.
Furthermore, swift expansion of the corporate travel insurance business in the ensuing years can be credited to the ability of corporate travel insurance in offering financial security to individuals in times of unexpected evacuation in case of medical emergencies occurring during travels or journeys.
For instance, corporate travel insurance firms provide insurance coverage to travelers against unexpected situations including terror attacks, flight cancellation, baggage loss, accidents, injuries, and damage to property & personal possessions. Moreover, the rise in the digitization of corporate travel insurance activities across the globe will prop up the size of the corporate travel insurance market in the next couple of years.
Let us discuss how few giant players, as well as their effective business strategies, have impacted the growth of the corporate travel insurance market.
- Allianz SE (Germany): It is a Munich based multinational financial service firm in Germany. The firm was founded on 5th February 1890 and is headquartered in Munich, Germany. Its key business is insurance and asset management.
- Assicurazioni Generali S.P.A. (Italy): The firm is an Italy-based insurance firm located at Trieste. It is one of the top ten biggest insurance firms across the globe in terms of net premiums & assets. It was founded on 26th December 1831 in Trieste, Italy.
- American International Group Inc. (U.S.): The firm was founded on 19th December 1919 in Shanghai in China. The headquarters of the organization is based in New York, the U.S. It operates in finance & insurance businesses and has branches across nearly 80 countries.
- AXA S.A. (France): It is Paris-based multinational insurance firm of France. It was founded in 1816 and in 2020 has over one lakh employees. The firm operates in investment management & various other kinds of financial solutions.
- Chubb Limited (Switzerland): It is headquartered in Zurich, Switzerland in 1882. The firm is a global service provider of insurance products that covers casualty & property, health & accident, life insurance, and reinsurance. Moreover, it is the largest publicly traded casualty & property firm across the globe.
- Nationwide Mutual Insurance Company (U.S.): The firm is headquartered in Ohio, the U.S., and was founded on 12th April 1926. The firm is abbreviated as Nationwide as it is a large group of U.S. insurance & financial services firms located in Columbus. It operates in the banking, investments, and insurance sectors.
- Seven Corners, Inc. (U.S.): The Company is based in Indiana, United States of America and was founded in 1993. It operates in the medical & travel insurance business.
- USI Insurance Services LLC (U.S.): The organization is based in New York, U.S., and was founded in 1994. It operates in risk management & insurance services.
- MetLife Inc. (U.S.): The firm is based in New York, the U.S., and was founded on 24th March 1868. It operates in insurance, employee benefit, and annuities sectors.
- Mapfre Asistencia (Spain): The organization was founded in 1989 and is based in Madrid, Spain. It operates in the insurance, services, and reinsurance business.
