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Base Year
Historical Year
Forecast Year
The global trade credit insurance market value reached USD 12.03 billion in 2023. The market is expected to grow at a CAGR of 8.6% between 2024 and 2032, reaching almost USD 25.23 billion by 2032.
Global Trade Credit Insurance Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 12.03 |
Market Size 2032 | USD Billion | 25.23 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 8.6% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 10.8% |
CAGR 2024-2032 - Market by Country | India | 11.3% |
CAGR 2024-2032 - Market by Country | Canada | 10.0% |
CAGR 2024-2032 - Market by Component | Product | 10.8% |
CAGR 2024-2032 - Market by Industry Vertical | Food and Beverages | 9.8% |
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Trade credit insurance protects against the risk of not being paid for goods or services, helping to manage the risks involved in buying and selling. It is purchased to reduce losses from insolvency, bankruptcy, or late payments, providing a safety net for manufacturers, traders, and service providers. This insurance is commonly provided to credit card users for a modest monthly fee on their outstanding balance, contributing to the trade credit insurance industry growth.
It is used in both domestic and international trade, offering coverage for entire transactions or specific deals. This insurance is commonly utilized across various industries such as food, IT, telecommunications, healthcare, energy, and automotive sectors.
Trade credit insurance is adapting to address risks associated with the complexities of international trade, geopolitical tensions, and regulatory changes, all within the context of expanding and globalized supply chains. This evolution is driving demand in the trade credit insurance market.
By utilising advanced data analytics tools, insurers can conduct more precise risk assessments. This data-driven approach enhances the accuracy of underwriting, enables competitive pricing, and ensures comprehensive coverage.
According to the World Trade Organization, In Q4 2023, global trade in commercial services surged by 9% year-on-year, reflecting robust growth across key sectors. Goods-related services increased by 8%, and other commercial services grew by 9%. Regionally, the growth of the trade credit insurance market is expanding, with Asia spearheading this growth due to a 15% rise in imports, fuelled by increasing demand for commercial services. Europe followed with an 11% increase, highlighting substantial growth. Export growth varied across regions, with Asia leading at 11%, followed by Europe at 8%, and North America at 7%.
In Q4 2023, global merchandise trade volume increased by 0.3% quarter-on-quarter, marking a notable recovery from the 1.7% decline in Q4 2022. Regional import growth exhibited diverse trends, with Asia leading the way with a 2.0% increase, indicative of strong economic activity and demand. North America saw a 0.5% increase in imports, indicating stable trade dynamics according to the World Trade Organization, which is contributing to the growth of the trade credit insurance industry revenue.
As per the Government of India Department of Commerce, in April-May 2024, India’s total trade (merchandise and services) saw substantial growth. Exports increased to USD 133.61 billion, up from USD 122.35 billion in the same period in 2023, showcasing robust year-on-year growth. Merchandise exports rose to USD 73.12 billion from USD 69.57 billion, while merchandise imports climbed to USD 116.01 billion compared to USD 106.54 billion, indicating a solid increase in trade volume. Services exports experienced significant growth, reaching USD 60.49 billion, up from USD 52.77 billion. Imports in services rose to USD 33.91 billion from USD 29.84 billion, highlighting robust demand in the services sector and further driving the growth in trade credit insurance market revenue.
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“Global Trade Credit Insurance Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Component
Market Breakup by Enterprise Size
Market Breakup by Coverages
Market Breakup by Industry Vertical
Market Breakup by Application
Market Breakup by Region
CAGR 2024-2032 - Market by | Country |
India | 11.3% |
Canada | 10.0% |
China | 9.5% |
USA | 8.7% |
Australia | 7.3% |
Japan | 6.4% |
UK | XX% |
Germany | XX% |
France | XX% |
Italy | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
OVERALL TRADE (MERCHANDISE AND SERVICES), IN 2023, IN USD BILLION
Trade credit insurance shields businesses from non-payment risks such as customer insolvency, ensuring stable cash flow, enhancing credit control, supporting international growth, and offering a competitive advantage through favourable credit terms, all of which contribute to increased trade credit insurance demand growth.
Services include expert risk assessment, streamlined claims handling, adaptable policies, market insights, and financial stability, enhancing operational efficiency and reducing financial uncertainties in global trade.
The companies provide a diverse array of insurance options including property-casualty, life insurance, retirement products, and various financial services tailored for both commercial enterprises and individual clients.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Component |
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Breakup by Enterprise Size |
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Breakup by Coverages |
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Breakup by Industry Vertical |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Trade Credit Insurance Market Size
Trade Credit Insurance Market Growth
Trade Credit Insurance Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market was estimated to be valued at USD 12.03 billion in 2023.
The global Trade credit insurance market is assessed to grow at a CAGR of 8.6% between 2024 and 2032.
The revenue generated from the trade credit insurance market is expected to reach USD 25.23 billion in 2032.
Digital transformation, rising demand, tailored solutions, and the integration of ESG factors are driving the trade credit insurance market growth.
Based on the components, the market is divided into products and services.
The competitive landscape consists of American International Group, Inc., Aon plc, Atradius N.V., Credendo, Allianz Trade, QBE Insurance Group Ltd., Zurich Insurance Company Ltd, Coface, Chubb Group Holdings Inc., and Great American Insurance Company among others.
Based on the coverages, the trade credit insurance market is divided into whole turnover coverage and single buyer coverage.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
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Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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