Product Code: SR112024A4666
The global trade credit insurance market size reached US$ 12.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 24.0 Billion by 2032, exhibiting a growth rate (CAGR) of 7.1% during 2024-2032.
Trade credit insurance (TCI), or credit insurance, refers to a risk management tool that covers the payment risk involved with the purchase and delivery of goods or services. It is purchased to safeguard or overcome the financial losses in case of unforeseen insolvency, bankruptcy or protracted default in payment. It protects manufacturers, traders and service providers against losses from non-payment of a commercial trade debt. The insurance is usually available to credit card users with a low percentage monthly premium on the unpaid balance of the card. TCI is also used for insuring both domestic and international trade activities and providing coverage for whole or single turnover. As a result, it is widely used across various industries, including food and beverage, information technology (IT), telecommunication, healthcare, energy and automotive.
Trade Credit Insurance Market Trends:
Significant growth in the banking, financial services and insurance (BFSI) industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the increasing requirement for effective solutions to protect and mitigate the risks of non-payment across various goods and service industries is providing a thrust to the market growth. With the rising import and export activities, organizations are widely investing in various financial tools, such as TCI and letters of credit (LC), to safeguard themselves from financial losses. In line with this, the increasing number of small and medium-sized enterprises (SMEs) is also contributing to the growth of the market. Various technological advancements, such as the launch of artificial intelligence (AI) and the Internet of Things (IoT)-enabled insurance solutions, are acting as other growth-inducing factors. These technologies aid in running automated business rules, self-learning models, network analysis, predictive analytics and device identification, which are highly beneficial for predicting risks. Other factors, including rapid digitization of the insurance sector, along with the implementation of favorable government policies promoting fair trade practices, are anticipated to drive the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global trade credit insurance market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on component, coverages, enterprises size, application and industry vertical.
Breakup by Component:
Breakup by Coverages:
- Whole Turnover Coverage
- Single Buyer Coverage
Breakup by Enterprises Size:
- Large Enterprises
- Medium Enterprises
- Small Enterprises
Breakup by Application:
Breakup by Industry Vertical:
- Food and Beverages
- IT and Telecom
- Metals and Mining
- Healthcare
- Energy and Utilities
- Automotive
- Others
Breakup by Region:
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Key Questions Answered in This Report
- 1. What was the size of the global trade credit insurance market in 2023?
- 2. What is the expected growth rate of the global trade credit insurance market during 2024-2032?
- 3. What are the key factors driving the global trade credit insurance market?
- 4. What has been the impact of COVID-19 on the global trade credit insurance market?
- 5. What is the breakup of the global trade credit insurance market based on the component?
- 6. What is the breakup of the global trade credit insurance market based on the coverages?
- 7. What is the breakup of the global trade credit insurance market based on the enterprises size?
- 8. What is the breakup of the global trade credit insurance market based on the application?
- 9. What is the breakup of the global trade credit insurance market based on the industry vertical?
- 10. What are the key regions in the global trade credit insurance market?
- 11. Who are the key players/companies in the global trade credit insurance market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Trade Credit Insurance Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Component
- 6.1 Product
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Services
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
7 Market Breakup by Coverages
- 7.1 Whole Turnover Coverage
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Single Buyer Coverage
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Enterprises Size
- 8.1 Large Enterprises
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Medium Enterprises
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Small Enterprises
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
9 Market Breakup by Application
- 9.1 Domestic
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 International
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
10 Market Breakup by Industry Vertical
- 10.1 Food and Beverages
- 10.1.1 Market Trends
- 10.1.2 Market Forecast
- 10.2 IT and Telecom
- 10.2.1 Market Trends
- 10.2.2 Market Forecast
- 10.3 Metals and Mining
- 10.3.1 Market Trends
- 10.3.2 Market Forecast
- 10.4 Healthcare
- 10.4.1 Market Trends
- 10.4.2 Market Forecast
- 10.5 Energy and Utilities
- 10.5.1 Market Trends
- 10.5.2 Market Forecast
- 10.6 Automotive
- 10.6.1 Market Trends
- 10.6.2 Market Forecast
- 10.7 Others
- 10.7.1 Market Trends
- 10.7.2 Market Forecast
11 Market Breakup by Region
- 11.1 North America
- 11.1.1 United States
- 11.1.1.1 Market Trends
- 11.1.1.2 Market Forecast
- 11.1.2 Canada
- 11.1.2.1 Market Trends
- 11.1.2.2 Market Forecast
- 11.2 Asia-Pacific
- 11.2.1 China
- 11.2.1.1 Market Trends
- 11.2.1.2 Market Forecast
- 11.2.2 Japan
- 11.2.2.1 Market Trends
- 11.2.2.2 Market Forecast
- 11.2.3 India
- 11.2.3.1 Market Trends
- 11.2.3.2 Market Forecast
- 11.2.4 South Korea
- 11.2.4.1 Market Trends
- 11.2.4.2 Market Forecast
- 11.2.5 Australia
- 11.2.5.1 Market Trends
- 11.2.5.2 Market Forecast
- 11.2.6 Indonesia
- 11.2.6.1 Market Trends
- 11.2.6.2 Market Forecast
- 11.2.7 Others
- 11.2.7.1 Market Trends
- 11.2.7.2 Market Forecast
- 11.3 Europe
- 11.3.1 Germany
- 11.3.1.1 Market Trends
- 11.3.1.2 Market Forecast
- 11.3.2 France
- 11.3.2.1 Market Trends
- 11.3.2.2 Market Forecast
- 11.3.3 United Kingdom
- 11.3.3.1 Market Trends
- 11.3.3.2 Market Forecast
- 11.3.4 Italy
- 11.3.4.1 Market Trends
- 11.3.4.2 Market Forecast
- 11.3.5 Spain
- 11.3.5.1 Market Trends
- 11.3.5.2 Market Forecast
- 11.3.6 Russia
- 11.3.6.1 Market Trends
- 11.3.6.2 Market Forecast
- 11.3.7 Others
- 11.3.7.1 Market Trends
- 11.3.7.2 Market Forecast
- 11.4 Latin America
- 11.4.1 Brazil
- 11.4.1.1 Market Trends
- 11.4.1.2 Market Forecast
- 11.4.2 Mexico
- 11.4.2.1 Market Trends
- 11.4.2.2 Market Forecast
- 11.4.3 Others
- 11.4.3.1 Market Trends
- 11.4.3.2 Market Forecast
- 11.5 Middle East and Africa
- 11.5.1 Market Trends
- 11.5.2 Market Breakup by Country
- 11.5.3 Market Forecast
12 SWOT Analysis
- 12.1 Overview
- 12.2 Strengths
- 12.3 Weaknesses
- 12.4 Opportunities
- 12.5 Threats
13 Value Chain Analysis
14 Porters Five Forces Analysis
- 14.1 Overview
- 14.2 Bargaining Power of Buyers
- 14.3 Bargaining Power of Suppliers
- 14.4 Degree of Competition
- 14.5 Threat of New Entrants
- 14.6 Threat of Substitutes
15 Price Analysis
16 Competitive Landscape
- 16.1 Market Structure
- 16.2 Key Players
- 16.3 Profiles of Key Players
- 16.3.1 American International Group Inc.
- 16.3.1.1 Company Overview
- 16.3.1.2 Product Portfolio
- 16.3.1.3 Financials
- 16.3.1.4 SWOT Analysis
- 16.3.2 Aon plc
- 16.3.2.1 Company Overview
- 16.3.2.2 Product Portfolio
- 16.3.2.3 Financials
- 16.3.2.4 SWOT Analysis
- 16.3.3 Axa S.A.
- 16.3.3.1 Company Overview
- 16.3.3.2 Product Portfolio
- 16.3.3.3 Financials
- 16.3.3.4 SWOT Analysis
- 16.3.4 China Export & Credit Insurance Corporation
- 16.3.4.1 Company Overview
- 16.3.4.2 Product Portfolio
- 16.3.5 Chubb Limited (ACE Limited)
- 16.3.5.1 Company Overview
- 16.3.5.2 Product Portfolio
- 16.3.5.3 Financials
- 16.3.5.4 SWOT Analysis
- 16.3.6 Coface
- 16.3.6.1 Company Overview
- 16.3.6.2 Product Portfolio
- 16.3.6.3 Financials
- 16.3.6.4 SWOT Analysis
- 16.3.7 Euler Hermes (Allianz SE)
- 16.3.7.1 Company Overview
- 16.3.7.2 Product Portfolio
- 16.3.8 Export Development Canada
- 16.3.8.1 Company Overview
- 16.3.8.2 Product Portfolio
- 16.3.9 Nexus Underwriting Management Ltd.
- 16.3.9.1 Company Overview
- 16.3.9.2 Product Portfolio
- 16.3.10 QBE Insurance Group Limited
- 16.3.10.1 Company Overview
- 16.3.10.2 Product Portfolio
- 16.3.10.3 Financials
- 16.3.10.4 SWOT Analysis
- 16.3.11 Willis Towers Watson Public Limited Company
- 16.3.11.1 Company Overview
- 16.3.11.2 Product Portfolio
- 16.3.11.3 Financials
- 16.3.11.4 SWOT Analysis
- 16.3.12 Zurich Insurance Group Ltd
- 16.3.12.1 Company Overview
- 16.3.12.2 Product Portfolio
- 16.3.12.3 Financials
- 16.3.12.4 SWOT Analysis