Trade Credit Insurance Market Growth, Size, Trends, Revenue, Scope, Challenges and Future Share
Trade Credit Insurance Market Size- By Component, By Coverage, By Enterprises Size, By Industry Vertical, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Jul-2023 | Report ID: BFSI2332 | Pages: 1 - 228 | Formats*: |
| Category : BFSI | |||
Introduction and Overview Trade Credit Insurance Market
According to SPER Market Research, the Global Trade Credit Insurance Market is estimated to reach USD 30.11 billion by 2033 with a CAGR of 8.81%.
The report includes an in-depth analysis of the Global Trade Credit Insurance Market, including market size and trends, product mix, distribution channels, and supplier analysis. Trade credit insurance, commonly referred to as credit insurance or export credit insurance, is a kind of insurance that guards companies against the possibility that their clients won't pay them. It is made to protect companies against financial losses brought on by commercial transactions involving the sale of products or services on credit with the expectation of future payment.
- Increasing Global Trade: As global commerce and cross-border transactions increase, trade credit insurance is increasingly necessary. Businesses that deal internationally run the danger of having clients abroad not paying them or going bankrupt. Trade credit insurance offers security and encourages companies to enlarge their worldwide reach and seek new markets.
- Access to Financing: Trade credit insurance raises a company's creditworthiness and increases its capacity to get funding. Businesses with trade credit insurance coverage are more likely to receive credit or loans from lenders since it lowers the risk of non-payment and provides extra security for their investment.
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Market Opportunities and Challenges
- Opportunities for Trade Credit Insurance market
- Increasing Global Trade: The market for trade credit insurance has a considerable opportunity due to the ongoing expansion of global commerce. Trade credit insurance is increasingly necessary as organisations diversify their activities abroad to handle credit risks and guard against non-payment.
- Small and Medium Enterprises (SMEs): Despite having a significant impact on the global economy, SMEs struggle to manage credit risks owing to a lack of resources and stable finances. Small and medium-sized businesses (SMEs) have the chance to safeguard their cash flow and reduce the risk of non-payment, enabling them to conduct more extensive trade operations and reach new markets.
- One of the major challenges for Trade Credit Insurance market
- Lack of Awareness and Understanding: Despite the advantages of trade credit insurance, some organisations might not yet be aware of or comprehend its worth. It's essential for market expansion to inform potential consumers about the benefits of trade credit insurance and debunk common misunderstandings.
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Market Competitive Landscape
The global insurance companies Euler Hermes, Atradius, and Coface, who dominate the market with their extensive coverage and risk assessment services, are part of the fiercely competitive trade credit insurance sector. These established corporations are frequently supplemented by local, specialised businesses that serve certain markets or niche market groups. Insurtech businesses are also expanding, utilising technology to provide cutting-edge solutions. Pricing, coverage details, risk assessment tools, and customer service are just a few examples of the variables that influence market competition. Businesses consistently spend money on data analytics and technology to improve operations and the customer experience. Overall, the trade credit insurance market's competitive environment is dynamic and ever-changing.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Component, By Coverage, By Enterprises Size, By Industry Vertical, By Application |
| Regions covered | Asia Pacific, Europe, Middle East and Africa, North America, Latin America |
| Companies Covered | 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 and Zurich Insurance Group Ltd. |
COVID-19 Impact on Global Trade Credit Insurance Market
The pandemic's extensive economic disruptions, like as supply chain delays, decreased consumer demand, and company closures, have increased credit risks and financial uncertainty for enterprises. Due to the increase in claims, trade credit insurance companies are having trouble accurately assessing and pricing risks. It is now more challenging to effectively estimate and manage credit risks because to increasing market volatility and uncertainty brought on by the epidemic. The epidemic has brought attention to trade credit insurance, meanwhile, which is crucial for controlling credit risks and safeguarding cash flow. The necessity of such protection to prevent against non-payment or insolvency is now more understood by businesses.
Key Target Audience
- Businesses and Corporations
- Exporters and Importers
- Financial Institutions and Lenders
- Government and Trade Associations
- Industry-Specific Businesses
- Supply Chain Participants
Our in-depth analysis of the Trade Credit Insurance Market includes the following segments:
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Key Topics Covered in the Report
- Global Trade Credit Insurance Market Size (FY’2023-FY’2033)
- Overview of Global Trade Credit Insurance Market
- Segmentation of Global Trade Credit Insurance Market By Component (Product, Services)
- Segmentation of Global Trade Credit Insurance Market By Coverage (Single Buyer Coverage, Whole Turnover Coverage)
- Segmentation of Global Trade Credit Insurance Market By Enterprises Size (Large Enterprises, Medium Enterprises, Small Enterprises)
- Segmentation of Global Trade Credit Insurance Market By Industry Vertical (Automotive, Energy and Utilities, Food and Beverages, Healthcare, IT and Telecom, Metals and Mining, Others)
- Segmentation of Global Trade Credit Insurance Market By Application (Domestic, International)
- Statistical Snap of Global Trade Credit Insurance Market
- Expansion Analysis of Global Trade Credit Insurance Market
- Problems and Obstacles in Global Trade Credit Insurance Market
- Competitive Landscape in the Global Trade Credit Insurance Market
- Impact of COVID-19 and Demonetization on Global Trade Credit Insurance Market
- Details on Current Investment in Global Trade Credit Insurance Market
- Competitive Analysis of Global Trade Credit Insurance Market
- Prominent Players in the Global Trade Credit Insurance Market
- SWOT Analysis of Global Trade Credit Insurance Market
- Global Trade Credit Insurance Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Trade Credit Insurance Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Trade Credit Insurance Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Trade Credit Insurance Market
7. Global Trade Credit Insurance Market, By Component (USD Million)
7.1. Global Trade Credit Insurance Market Value Share and Forecast, By Component, 2023-20337.2. Product7.3. Services
8. Global Trade Credit Insurance Market, By Coverages (USD Million)
8.1. Global Trade Credit Insurance Market Value Share and Forecast, By Coverages, 2023-20338.2. Single Buyer Coverage8.3. Whole Turnover Coverage
9. Global Trade Credit Insurance Market, By Enterprises Size (USD Million)
9.1. Global Trade Credit Insurance Market Value Share and Forecast, By Enterprises Size, 2023-20339.2. Large Enterprises9.3. Medium Enterprises9.4. Small Enterprises
10. Global Trade Credit Insurance Market, By Industry Vertical (USD Million)
10.1. Global Trade Credit Insurance Market Value Share and Forecast, By Industry Vertical, 2023-203310.2. Automotive10.3. Energy and Utilities10.4. Food and Beverages10.5. Healthcare10.6. IT and Telecom10.7. Metals and Mining10.8. Others
11. Global Trade Credit Insurance Market, By Application (USD Million)
11.1. Global Trade Credit Insurance Market Value Share and Forecast, By Application, 2023-203311.2. Domestic11.3. International
12. Global Trade Credit Insurance Market Forecast, 2019-2033 (USD Million)
12.1. Global Trade Credit Insurance Market Size and Market Share
13. Global Trade Credit Insurance Market, By Component, 2019-2033 (USD Million)
13.1. Global Trade Credit Insurance Market Size and Market Share By Component (2019-2026)13.2. Global Trade Credit Insurance Market Size and Market Share By Component (2027-2033)
14. Global Trade Credit Insurance Market, By Coverages, 2019-2033 (USD Million)
14.1. Global Trade Credit Insurance Market Size and Market Share By Coverages (2019-2026)14.2. Global Trade Credit Insurance Market Size and Market Share By Coverages (2027-2033)
15. Global Trade Credit Insurance Market, By Enterprise Size, 2019-2033 (USD Million)
15.1. Global Trade Credit Insurance Market Size and Market Share By Enterprise Size (2019-2026)15.2. Global Trade Credit Insurance Market Size and Market Share By Enterprise Size (2027-2033)
16. Global Trade Credit Insurance Market, By Industry Vertical, 2019-2033 (USD Million)
16.1. Global Trade Credit Insurance Market Size and Market Share By Industry Vertical (2019-2026)16.2. Global Trade Credit Insurance Market Size and Market Share By Industry Vertical (2027-2033)
17. Global Trade Credit Insurance Market, By Application, 2019-2033 (USD Million)
17.1. Global Trade Credit Insurance Market Size and Market Share By Application (2019-2026)17.2. Global Trade Credit Insurance Market Size and Market Share By Application (2027-2033)
18. Global Trade Credit Insurance Market, By Region, 2019-2033 (USD Million)
18.1. Global Trade Credit Insurance Market Size and Market Share By Region (2019-2026)18.2. Global Trade Credit Insurance Market Size and Market Share By Region (2027-2033)18.3. Asia-Pacific
18.3.1. Australia18.3.2. China18.3.3. India18.3.4. Japan18.3.5. South Korea18.3.6. Rest of Asia-Pacific
18.4. Europe
18.4.1. France18.4.2. Germany18.4.3. Italy18.4.4. Spain18.4.5. United Kingdom18.4.6. Rest of Europe
18.5. Middle East and Africa
18.5.1. Kingdom of Saudi Arabia18.5.2. United Arab Emirates18.5.3. Rest of Middle East & Africa
18.6. North America
18.6.1. Canada18.6.2. Mexico18.6.3. United States
18.7. Latin America
18.7.1. Argentina18.7.2. Brazil18.7.3. Rest of Latin America
19. Company Profile
19.1. American International Group Inc.
19.1.1. Company details19.1.2. Financial outlook19.1.3. Product summary19.1.4. Recent developments
19.2. Aon plc, Axa S.A.
19.2.1. Company details19.2.2. Financial outlook19.2.3. Product summary19.2.4. Recent developments
19.3. China Export & Credit Insurance Corporation
19.3.1. Company details19.3.2. Financial outlook19.3.3. Product summary19.3.4. Recent developments
19.4. Chubb Limited
19.4.1. Company details19.4.2. Financial outlook19.4.3. Product summary19.4.4. Recent developments
19.5. Coface
19.5.1. Company details19.5.2. Financial outlook19.5.3. Product summary19.5.4. Recent developments
19.6. Euler Hermes
19.6.1. Company details19.6.2. Financial outlook19.6.3. Product summary19.6.4. Recent developments
19.7. Export Development Canada
19.7.1. Company details19.7.2. Financial outlook19.7.3. Product summary19.7.4. Recent developments
19.8. Nexus Underwriting Management Ltd.
19.8.1. Company details19.8.2. Financial outlook19.8.3. Product summary19.8.4. Recent developments
19.9. QBE Insurance Group Limited
19.9.1. Company details19.9.2. Financial outlook19.9.3. Product summary19.9.4. Recent developments
19.10. Willis Towers Watson Public Limited Company
19.10.1. Company details19.10.2. Financial outlook19.10.3. Product summary19.10.4. Recent developments
19.11. Zurich Insurance Group Ltd.
19.11.1. Company details19.11.2. Financial outlook19.11.3. Product summary19.11.4. Recent developments
19.12. Others
20. List of Abbreviations
21. Reference Links
22. Conclusion
23. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Trade Credit Insurance Market is projected to reach USD 30.11 billion by 2033, growing at a CAGR of 8.81% during the forecast period.
Trade Credit Insurance Market grew in market size from 2022. The Market is expected to reach USD 30.11 billion by 2033, at a CAGR of 8.81% during the forecast period.
Trade Credit Insurance Market CAGR of 8.81% during the forecast period.
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Trade Credit Insurance Market size is USD 30.11 billion from 2023 to 2033.
Trade Credit Insurance Market Segment is covered By Component, By Coverage, By Enterprises Size, By Industry Vertical, By Application.
The North America is anticipated to have the highest market share in the Trade Credit Insurance Market.
Trade credit insurance, commonly referred to as credit insurance or export credit insurance, is a kind of insurance that guards companies against the possibility that their clients won't pay them.
The key players in the market include Companies Covered 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 and Zurich Insurance Group Ltd.
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