Kathmandu. The global commercial travel accident insurance market is projected to reach $26 billion by 2033.
According to a report by Allied Market Research, the global commercial travel accident insurance market is expected to reach $ 26.1 billion in the next 10 years. In 2023, the insurance market was $3.2 billion.
This represents a compound annual growth rate of 23.3 percent between 2024 and 2033. This growth is expected due to an increase in global business travel, greater awareness of travel risks, and institutional interest in employee welfare.
Advances in technology and a tighter institutional travel policy are also seen as factors for increasing demand. However, the report said, “The high cost and limited awareness of commercial travel accident insurance are obstacles to its widespread adoption.” ’
