The Trade Credit Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Trade Credit Insurance Global Market Report 2024, The trade credit insurance market size has grown strongly in recent years. It will grow from $11.22 billion in 2023 to $12.26 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to global economic uncertainty, market expansion and international trade growth, risk mitigation for small and medium enterprises (SMEs), compliance with regulatory requirements, access to financing and improved credit terms.
The trade credit insurance market size is expected to see strong growth in the next few years. It will grow to $17.48 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to global trade volatility, increased focus on supply chain resilience, digitalization of trade finance, emergence of new market entrants, strategic risk management in a post-pandemic landscape. Major trends in the forecast period include blockchain technology for enhanced security, increased demand for non-cancellable policies, risk mitigation strategies for supply chain disruptions, evolving regulatory landscape, rise of parametric insurance solutions.
A surge in the global import and export of goods and services is expected to propel the growth of the trade credit insurance market going forward. Exporting refers to selling products and services to a foreign country. Contrarily, importing is the act of acquiring goods and services from outside and bringing them into one’s own nation. Trade credit insurance is employed to shield trading companies’ receivables from credit concerns. Trade credit is a tool used by producers, importers, and exporters to simplify finance operations. Trade growth has therefore increased the demand for trade credit insurance. For instance, in February 2022, according to a report shared by the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization within the United Nations Secretariat, the total amount of world trade increased to a record $28.5 trillion in 2021. That represents a 25% increase over 2020 and a 13% increase over 2019. After a third quarter of trade growth that was comparatively weak in 2021, it resumed in the fourth quarter, when trade in goods climbed by about $200 billion, setting a new high of $5.8 trillion. Therefore, a surge in the global import and export of goods and services is driving the growth of the trade credit insurance market.
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The trade credit insurance market covered in this report 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
Major companies operating in the trade credit insurance market are developing innovative products to meet the evolving needs of businesses. These innovations include the digital transformation of trade credit insurance, offering credit management tools, and providing more flexible and tailored insurance solutions. For instance, in July 2022, the Export Credit Guarantee Corporation of India (ECGC) announced a new scheme to provide enhanced export credit risk insurance cover, insuring up to 90% of the credit risk in export finance. This scheme is expected to benefit small-scale exporters availing of export credit from banks, providing them with increased stability and facilitating further access to export credit from banks, ultimately benefiting industries and exporters. The scheme is part of ECGC’s efforts to support and promote Indian exports by providing credit risk protection and facilitating trade finance from banks.
The trade credit insurance market report table of contents includes:
1. Executive Summary
2.Trade Credit Insurance Market Characteristics
3.Trade Credit Insurance Market Trends And Strategies
4.Trade Credit Insurance Market analysis
5.Trade Credit Insurance Market Size And Growth
6.Trade Credit Insurance Segmentation
7.Trade Credit Insurance Regional And Country Analysis
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27.Trade Credit Insurance Competitive Landscape And Company Profiles
28.Trade Credit Insurance Key Mergers And Acquisitions
29.Trade Credit Insurance Future Outlook and Potential Analysis
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