Press Release
Press Release
The growing market for trade credit insurance can be attributed to the robust international trade channels allowing businesses from several countries to expand their business universally. A trade credit insurance provides a business protection against the risk of non-payment. As a result, a trade credit insurance significantly reduces payments’ risk associated with doing business on credit. This is providing impetus to the market. A trade credit insurance covers commercial risks such as insolvency of the buyer and bankruptcy, political risks such as war, terrorism, or riots, and also covers currency inconvertibility, expropriation, and changes in import or export regulations in case of international trade. Thus, the wide applicability of trade insurance is propelling the market growth. Further, advancements in the BFSI sector and the inclusion of matured computing technology such as AI and Big Data to analyse trends and run predictions are additional factors furthering the market growth.
The Insurance Regulatory and Development Authority of India (IRDAI) recently revised guidelines for trade credit insurance in September 2021 to deal with the evolving insurance risk needs of various sectors and respond to changing market conditions. The revised changes were announced to be implemented on 1st November 2021. The revision in the guidelines were aimed at promoting sustainable and healthy development of trade credit insurance business and improve the economic stability by labelling trade losses because of credit risks. Such developments are augmenting the market growth. The growth of the market can further be associated with the expansion strategies employed by leading market players such as American International Group, Inc (NYSE: AIG).
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The major players in the global trade credit insurance market are American International Group, Inc., Aon plc, Atradius N.V., Credendo – Export Credit Agency, Euler Hermes SA, and QBE Insurance (Australia) Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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