Dublin, May 12, 2023 (GLOBE NEWSWIRE) -- The "Trade Credit Insurance Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global trade credit insurance market is expected to grow from $10.30 billion in 2022 to $11.27 billion in 2023 at a compound annual growth rate (CAGR) of 9.4%. The trade credit insurance market is expected to grow to $15.84 billion in 2027 at a CAGR of 8.9%.
Major players in the trade credit insurance market are American International Group Inc., Aon Plc., Compagnie Francaise d'Assurance pour le Commerce Exterieur (Coface), Credendo, Euler Hermes, Export Development Canada, Qbe Insurance (Australia) Ltd., Zurich Insurance Group Ltd., Atradius N.V., Axa S.A., Nexus Underwriting Management Ltd., China Export & Credit Insurance Corporation, Cesce, and Willis Towers Watson Public Limited Company.
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Trade credit insurance refers to a useful financial risk management strategy that protects the business from damages incurred as a result of unpaid trade-related obligations. Trade credit insurance protection is used for providing products and services against any non-payment or delays in trade credit payments resulting from commercial or political risks.
The major components of trade credit insurance are products and services. Trade credit insurance products refer to the item offered for sale and are used to protect receivables from credit risks. The major coverages involved are whole-turnover coverage and single-buyer coverage. It is primarily used in domestic and export applications. These services are used by several industry verticals such as food and beverages, IT and telecom, metals and mining, healthcare, energy and utilities, automotive, and others.
The trade credit insurance market research report is one of a series of new reports that provides trade credit insurance market statistics, including trade credit insurance industry global market size, regional shares, competitors with a trade credit insurance market share, detailed trade credit insurance market segments, market trends and opportunities, and any further data you may need to thrive in the trade credit insurance industry. This trade credit insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Technology advancements have emerged as a key trend gaining popularity in the trade credit insurance market. Major companies operating in the trade credit insurance market are focused on developing new technological solutions to strengthen their position in the market.
In August 2022, HUB International Limited (Hub), a US-based insurance brokerage and financial services firm, acquired Intercontinental Growth Strategies, LLC (IGS) for an undisclosed amount. This acquisition is expected to increase the HUB's reach in terms of both geography and industry and product knowledge. Intercontinental Growth Strategies is a US-based trade credit insurance broker that uses strategies to minimize risk and maximize growth in global trade.
Europe was the largest region in the trade credit insurance market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the trade credit insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the trade credit insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
A surge in the global import and export of goods and services is expected to propel the growth of the trade credit insurance market going forward. Exporting refers to selling products and services to a foreign country. Contrarily, importing is the act of acquiring goods and services from outside and bringing them into one's own nation. Trade credit insurance is employed to shield trading companies' receivables from credit concerns.
Trade credit is a tool used by producers, importers, and exporters to simplify finance operations. Trade growth has therefore increased the demand for trade credit insurance.
For instance, in February 2022, according to a report shared by the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization within the United Nations Secretariat, the total amount of world trade increased to a record $28.5 trillion in 2021.
That represents a 25% increase over 2020 and a 13% increase over 2019. After a third quarter of trade growth that was comparatively weak in 2021, it resumed in the fourth quarter, when trade in goods climbed by about $200 billion, setting a new high of $5.8 trillion. Therefore, a surge in the global import and export of goods and services is driving the growth of the trade credit insurance market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $11.27 billion |
| Forecasted Market Value (USD) by 2027 | $15.84 billion |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Trade Credit Insurance Market Characteristics
3. Trade Credit Insurance Market Trends And Strategies
4. Trade Credit Insurance Market - Macro Economic Scenario
4.1. COVID-19 Impact On Trade Credit Insurance Market
4.2. Ukraine-Russia War Impact On Trade Credit Insurance Market
4.3. Impact Of High Inflation On Trade Credit Insurance Market
5. Trade Credit Insurance Market Size And Growth
5.1. Global Trade Credit Insurance Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Trade Credit Insurance Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Trade Credit Insurance Market Segmentation
6.1. Global Trade Credit Insurance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Product
- Services
6.2. Global Trade Credit Insurance Market, Segmentation By Coverages, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Whole Turnover Coverage
- Single Buyer Coverage
6.3. Global Trade Credit Insurance Market, Segmentation By Application , Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Domestic
- Exports
6.4. Global Trade Credit Insurance Market, Segmentation By Industry Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Food And Beverages
- IT (Information Technology) And Telecom
- Metals And Mining
- Healthcare
- Energy And Utilities
- Automotive
- Other Industry Verticals
7. Trade Credit Insurance Market Regional And Country Analysis
7.1. Global Trade Credit Insurance Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Trade Credit Insurance Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/489f0t
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