According to figures from the Global Business Travel Association (GBTA) spending on business travel within the UK, Germany, France, Italy and Spain is forecasted to climb by 3.4%* next year, an increase which may be set to come about as a result of improvements to the global economy.
Recent estimates from the Organisation for Economic Cooperation and Development (OECD) have revealed that German economy (0.7%) and French economy (0.3%) will grow this year**
The GBTA BTI Outlook revealed that the predicted growth in business travel spending across these five markets, if realised, will be the highest seen since the recession.
While business travel spending across Western Europe has been stagnant in 2013, the UK has bucked this trend with a forecasted increase of 1.6% this year to £25.7bn. The research also revealed that international outbound travel will continue to fare better than domestic travel in the UK this year.
In contrast, Spain, Italy and France have all recorded falls in their business travel markets this year. This decline was the most marked in Spain, one of the countries that has been hit hard by the Eurozone crisis, with business travel markets contracting by 6.7% this year.
Commenting, Questor Insurance CEO Andrew Lawrence, said: “As the world economy improves, more ties may be forged between countries around the globe. “Increased international trade will naturally demand more business travel. That is why it is so important for workers across the world to secure business travel insurance. Those who are hiring a car abroad as part of their work trip should also consider taking out car hire excess insurance in advance, to avoid hefty excess charges that could eat into their business budget.”
Buy your business travel insurance and car hire excess insurance from Questor Insurance today.
Sources:
*http://www.citmagazine.com/article/1213680/western-europe-business-travel-spending-rise-34-2014
**http://www.bbc.co.uk/news/business-23941913
Questor Insurance Services Limited are an independent privately owned insurance intermediary that is authorised and regulated by the Financial Conduct Authority (FCA). The company designs and distributes niche insurance products for global markets at the same time providing great customer service via a dedicated in-house team.
Questor's mission is to provide their clients with the best niche insurance products and client service. They do this by designing their own insurance products, building their own software and by providing detailed and ongoing training to their staff.
They pride themselves on providing the personal touch to customers, they can telephone, email or make contact through Questor Insurance's Live Chat application. Whichever way a customer makes contact with Questor Insurance they will always find that the staff are ready to go the extra mile to assist.
Questor Insurance also supports its customers through the claim process. They have access to the Underwriter's claim systems so that they can provide their customers with updates on their claim and they meet with the claim handlers regularly to discuss servicing issues. Questor Insurance Services are also in the process of developing what will be an industry-leading claims platform to streamline the claims process even further to the benefit of customers.
Questor Insurance currently offers insurance in three product classes, Vehicle Hire Excess, Travel Insurance and Excess Protection.
The company started trading back in August 2007 having received their authorisation from the Financial Conduct Authority’s predecessor in July 2007. They are a dynamic innovative business with committed staff which translates into a great business. Their products are supplied retail to this website and wholesale to other sites. Source Questor Insurance Services Press Release 11-10-13
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