Trade Credit Insurance Market Global Competitive Landscape, Top Market Segments, And Fastest Growing Regions
19 May, 2023
The global trade credit insurance market size 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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global trade credit insurance market size is expected to grow to $15.84 billion in 2027 at a CAGR of 8.9%.
Global Trade Credit Insurance Market Key Driver
A surge in global import and export of goods and services is expected to propel the trade credit insurance market forward in the coming years. Exporting is the sale of goods and services to a foreign country. Importing, on the other hand, is the act of acquiring goods and services from outside sources and bringing them into one's own country. Trade credit insurance is used to protect a trading company's receivables from credit issues. Producers, importers, and exporters use trade credit to simplify finance operations. Trade expansion has thus increased demand for trade credit insurance.
Get a sample of the global trade credit insurance market reportGlobal Trade Credit Insurance Market Segments
The global trade credit insurance market is segmented:
1) By Component: Product, Services
2) By Coverages: Whole Turnover Coverage, Single Buyer Coverage
3) By Application: Domestic, Exports
4) By Industry Vertical: Food and Beverages, IT and Telecom, Metals and Mining, Healthcare, Energy and Utilities, Automotive, Other Industry Verticals
5) By Geography: 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. Among these regions, Europe accounts for the largest share in the global trade credit insurance market.
Major Trade Credit Insurance Industry Players
American International Group Inc., Aon Plc., Compagnie Française d'Assurance pour le Commerce Extérieur (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 Market Overview
Trade credit insurance is a useful financial risk management strategy that protects a company from losses caused by unpaid trade-related obligations. Trade credit insurance protects businesses that provide goods and services against nonpayment or delays in trade credit payments caused by commercial or political risks.
Trade Credit Insurance Global Market Report 2023 provides data on the global trade credit insurance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The trade credit insurance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.