Trade Credit Insurance Market By Component (Product, Services), By Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), By Coverage (Whole Turnover Coverage, Single Buyer Coverage), By Industry Vertical (Food and Beverages, IT and Telecom, Metals and Mining, Healthcare, Energy and Utilities, Automotive, Others), By Application (Domestic, International): Global Opportunity Analysis and Industry Forecast, 2024-2033
The trade credit insurance market was valued for $14.9 billion in 2023 and is estimated to reach $41.1 billion by 2033, exhibiting a CAGR of 10.7% from 2024 to 2033. Trade credit insurance policy is largely purchased by a borrower of funds to overcome from events of a death, disability, unemployment, and others. It is generally marketed as a credit card feature and is largely available to credit card customers with the monthly cost charging a low percentage of the card's unpaid balance. Trade credit insurance engages in covering several commercial & political risks for businesses & individuals in the market.
The trade credit insurance market is driven by increased trade, which includes issuing letters of credit (LCs), receivables & invoice finance, and others, the demand for trade credit insurance has accelerated and is expected to maintain its dominance during the forecast period. In addition, increase in commercial threats while trading and several benefits provided by credit insurance are major factors that drive the market growth. However, varied & conflicting trade regulations across different jurisdictions and lack of awareness toward trade credit insurance globally are some of the factors that hamper the market growth.
On the contrary, developing economies, such as India and South Korea, are witnessing high growth in the manufacturing sector. Therefore, expansion of business and supplying of goods & services are expected to provide an immense opportunity to the trade credit insurance market. Moreover, rapid growth of small & medium-sized businesses looking to expand their offerings worldwide is expected to boost the trade credit insurance market growth in the coming years.
The trade credit insurance market is segmented on the basis of component, enterprise size, application, coverages, industry vertical, and region. Based on component, the market is bifurcated into products and services. On the basis of enterprise size, it is segmented into large enterprises. and small & medium enterprises. By coverages, the market is bifurcated into whole turnover coverage and single buyer coverage. By application, it is categorized into domestic and international. Based on industry vertical, it is segmented into food and beverages, IT and telecom, metals and mining, healthcare, energy and Utilities, automative and others. Region wise, the trade credit insurance market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyses the profiles of key players operating in the market such as American International Group Inc., QBE Insurance (Australia) Ltd. , Atradius N.V., Aon Plc, Coface, Marsh LLC., Chubb Group Holdings Inc., Zurich Insurance Company Ltd, Authorized Policy Insurance Brokers Ltd., Credit Oman., Howden Group Holdings Ltd., Credendo, Allianz Saudi Fransi, Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), HDFC ERGO General Insurance Company Limited, SINOSUR. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the trade credit insurance market analysis from 2023 to 2033 to identify the prevailing trade credit insurance market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the trade credit insurance market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global trade credit insurance market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy Industry VerticalFood and Beverages
IT and Telecom
Metals and Mining
Healthcare
Energy and Utilities
Automotive
Others
By ApplicationDomestic
International
By ComponentServices
Product
By Enterprise SizeLarge Enterprises
Small and Medium-sized Enterprises
By CoverageWhole Turnover Coverage
Single Buyer Coverage
By RegionNorth America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market PlayersAllianz Saudi Fransi
American International Group Inc.
Aon plc.
Atradius N.V
Authorized Policy Insurance Brokers Ltd. (APPLUS)
Chubb
COFACE
Credendo
Credit Oman
HDFC ERGO General Insurance Company Limited
Howden Insurance Brokers LLC
Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
Marsh LLC.
QBE Insurance (Australia) Ltd.
SINOSURE
Zurich Insurance Company Ltd.