According to the report by Expert Market Research (EMR), the global trade credit insurance market size is projected to grow at a CAGR of 8.6% between 2024 and 2032. Aided by the increasing number of small and medium enterprises, the market is expected to grow significantly by 2032.
Trade credit insurance is a pivotal financial tool that safeguards businesses against the risks of non-payment by their buyers, a concern increasingly prevalent in the fluctuating global economy. This insurance coverage is integral in international and domestic trade, offering businesses the confidence to extend credit to new markets and customers while protecting their accounts receivable. It covers a range of risks including insolvency, protracted default, and political risks that might impede payment.
The trade credit insurance market growth is largely fuelled by the escalating global trade activities and the rising awareness among businesses about the risks associated with credit sales. In an era of globalisation, companies are expanding their reach to new markets, which inherently comes with increased credit risks. Trade credit insurance provides a safety net, enabling businesses to manage these risks effectively and maintain financial stability.
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Another significant driver of the trade credit insurance market demand is the growing number of small and medium-sized enterprises (SMEs) venturing into international trade. SMEs, often more vulnerable to financial disturbances caused by unpaid receivables, are increasingly recognising the importance of trade credit insurance in safeguarding their cash flows and assets. This trend is accompanied by a rise in innovative and tailored insurance solutions aimed at meeting the specific needs of these smaller businesses.
Moreover, the increasing incidence of political instability and economic uncertainty in various regions has further heightened the trade credit insurance market demand. Political risks, including war, expropriation, currency inconvertibility, and government intervention, can severely impact the ability of buyers to fulfil their payment obligations. Trade credit insurance provides businesses with the necessary protection against such unpredictable scenarios, ensuring business continuity and financial resilience.
The trade credit insurance market outlook is being influenced by digitalisation and technological advancements. The integration of artificial intelligence, big data analytics, and blockchain technology in the trade credit insurance sector is enhancing the efficiency of risk assessment, policy administration, and claims processing. These technologies enable insurers to better understand and predict risks, offer more competitive premiums, and provide faster, more transparent services to their clients.
Trade Credit Insurance Market Segmentation
The market can be divided based on component, enterprise size, coverages, industry vertical, application, and region.
Market Breakup by Component
- Product
- Services
Market Breakup by Enterprise Size
- Large
- Medium
- Small
- Others
Market Breakup by Coverages
- Whole Turnover Coverage
- Single Buyer Coverage
Market Breakup by Industry Vertical
- Food and Beverages
- IT and Telecom
- Metals and Mining
- Healthcare
- Energy and Utilities
- Automotive
- Others
Market Breakup by Application
- Domestic
- International
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Trade Credit Insurance Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global trade credit insurance market. Some of the major players explored in the report by Expert Market Research are as follows:
- American International Group, Inc.
- Aon plc
- Atradius N.V.
- Credendo – Export Credit Agency
- Euler Hermes SA
- QBE Insurance (Australia) Ltd.
- Others
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