Trade Credit Insurance Market Current Scenario and Growth Prospects to 2023-2028

How Big is the Trade Credit Insurance Market ? :

According to the latest report by IMARC Group, titled “Trade Credit Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the trade credit insurance market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global trade credit insurance market size reached US$ 11.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.3% during 2023-2028.

What is Trade Credit Insurance ? :

Trade credit insurance is a sophisticated financial tool that safeguards businesses against the risk of non-payment by buyers. This insurance policy covers the outstanding receivable balances, including invoice amounts due for both goods and services delivered. Typically provided by specialized insurers or financial institutions, Trade Credit Insurance offers protection against a buyer’s insolvency, protracted default, or unwillingness to pay within predetermined terms. It allows businesses to manage credit risks associated with selling products on short-term credit to domestic and overseas customers. The mechanism includes extensive credit analysis, account monitoring, and collection services, ensuring that the business maintains liquidity and safeguards its cash flow.

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Competitive Landscape with Key Players:

• American International Group Inc.
• Aon plc
• Axa S.A.
• China Export & Credit Insurance Corporation
• Chubb Limited (ACE Limited)
• Coface
• Euler Hermes (Allianz SE)
• Export Development Canada
• Nexus Underwriting Management Ltd.
• QBE Insurance Group Limited
• Willis Towers Watson Public Limited Company
• Zurich Insurance Group Ltd.

Global Trade Credit Insurance Market Trends:

The global market is primarily driven by the escalating uncertainties in international trade dynamics, leading to an increased need for financial risk management. In line with this, the expansion of Small and Medium Enterprises (SMEs) into global markets, seeking protection against unforeseen credit losses, is providing an impetus to the market. Moreover, the consistent growth in cross-border trade activities is acting as a significant growth-inducing factor for the market. In addition to this, the necessity for businesses to maintain liquidity and preserve cash flow in a fluctuating economic environment is resulting in a higher adoption of trade credit insurance solutions.

Besides this, stringent regulatory compliance demanding credit risk mitigation and increased due diligence is creating lucrative opportunities in the market. Also, the integration of advanced technology, such as artificial intelligence and data analytics, for enhancing risk assessment and policy management, is impacting the market positively.

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Key Market Segmentation:

Breakup by Component:

• Product
• Services

Breakup by Coverages:

• Whole Turnover Coverage
• Single Buyer Coverage

Breakup by Enterprises Size:

• Large Enterprises
• Medium Enterprises
• Small Enterprises

Breakup by Application:

• Domestic
• International

Breakup by Industry Vertical:

• Food and Beverages
• IT and Telecom
• Metals and Mining
• Healthcare
• Energy and Utilities
• Automotive
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance 
• Market Outlook 
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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