Trade Credit Insurance Market Trends, Revenue, Share, Size, Growth Strategy, Challenges, Opportunities and Future Competition Till 2033


Trade Credit Insurance Market Trends, Revenue, Share, Size, Growth Strategy, Challenges, Opportunities and Future Competition Till 2033: SPER Market Research

 Category : BFSI

 Published: Jul-2023
 Author: SPER Analyst

Trade Credit Insurance Market is projected to be worth USD 30.11 billion by 2033 and is anticipated to surge at a CAGR of 8.81%.

The sector that protects companies against the risk of non-payment or insolvency by their clients is referred to as the trade credit insurance market. Businesses that give their clients credit terms are protected by trade credit insurance, which also protects their cash flow and accounts receivable. It enables companies to lessen the financial effects of customer default or bankruptcy by paying back unpaid bills or damages sustained as a result of non-payment. The market includes insurance goods and services that aid companies in controlling credit risks, determining the creditworthiness of their clients, and navigating the hazards associated with international commerce. The global market for trade credit insurance serves companies of all sizes, in all sectors, and in all regions, promoting economic growth and streamlining international trade activities.

Global Trade Credit Insurance Market Driving Factors and Challenges

The Global Trade Credit Insurance Market is experiencing growth driven by several factors like continued growth of international trade presents a large opportunity for the market for trade credit insurance. Trade credit insurance is becoming more and more important as businesses spread their operations abroad to manage credit risks and prevent non-payment.

Also due to a lack of funding and stable finances, SMEs struggle to manage credit risks while having a substantial influence on the global economy. Small and medium-sized enterprises (SMEs) have the opportunity to protect their cash flow and lower the risk of non-payment, allowing them to carry out more extensive trade activities and access new markets.

However, the Global Trade Credit Insurance Market encounters challenges for trade credit insurance has difficulties due to economic downturns, political unrest, and international trade disputes. Due to the increased likelihood of non-payment and insolvency caused by these variables, it is more difficult for providers of trade credit insurance to evaluate and successfully underwrite policies.

Impact of COVID-19 on Global Trade Credit Insurance Market
The widespread economic disruptions caused by the epidemic, including as slowed supply chains, lower consumer demand, and corporate closures, have raised credit risks and created financial uncertainty for businesses. Trade credit insurance providers are having problems effectively assessing and pricing risks as a result of the rise in claims. Due to the increased market volatility and uncertainty brought on by the pandemic, it is now harder to accurately quantify and manage credit risks. Meanwhile, the pandemic has raised awareness of trade credit insurance, which is essential for managing credit risks and preserving cash flow. Businesses increasingly understand the importance of such insurance to guard against non-payment or insolvency.

Trade Credit Insurance Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; 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.

Global Trade Credit Insurance Market Segmentation:

By Component: Based on the Component, Global Trade Credit Insurance Market is segmented as; Product, Services.

By Coverage: Based on the Coverage, Global Trade Credit Insurance Market is segmented as; Single Buyer Coverage, Whole Turnover Coverage.

By Enterprises Size: Based on the Enterprises Size, Global Trade Credit Insurance Market is segmented as; Large Enterprises, Medium Enterprises, Small Enterprises.

By Industry Vertical: Based on the Industry Vertical, Global Trade Credit Insurance Market is segmented as; Automotive, Energy and Utilities, Food and Beverages, Healthcare, IT and Telecom, Metals and Mining, Others.

By Application: Based on the Application, Global Trade Credit Insurance Market is segmented as; Domestic, International.

By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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