Credit Insurance Market is projected to reach USD 7632.1 Million by 2026, growing at a CAGR of 2.5% from 2019 to 2026

Global Credit Insurance Market Analysis

According to Verified Market Research, The Global Credit Insurance Market was valued at USD 6,264.1 Million in 2018 and is projected to reach USD 7632.1 Million by 2026, growing at a CAGR of 2.5% from 2019 to 2026.

What is Credit Insurance?

Credit insurance can be defined as a commercial coverage against losses resultant of a failure of occupational mortgagors to pay their obligation to the insurer, usually due to liquidation. The coverage is geared to manufacturers, wholesalers, and service providers who may be dependent on a few accounts and therefore could lose substantial income in the event of a liquidation/insolvency. Credit insurance can be categorized as an insurance policy shielding a company in the event that it does not collect an unusually large amount of its accounts receivable. A company’s accounts receivable represents what it is owed on its credit sales. Every company that makes credit sales takes the risk that its customers will not or cannot pay what they owe. Credit insurance is deliberated as one way to reduce this risk. Credit insurance is the overlapping field of covering exporters against the risk they will not be paid for a range of reasons such as political upheaval or simply default.

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Global Credit Insurance Market Outlook

The growing use of multiple distribution channels by insurers is paving way for the market of credit insurance to grow globally. As competition in insurance markets is intensifying, cost savings and customer retention have become critical, forcing insurers to look for ways to drive sales and customer convenience while keeping costs low and maintaining profitability. These factors are leading to the emergence of additional channels such as call centers, mobile, and web and the insurers now leverage these channels to directly communicate with customers and sell suitable insurance products. However, continued market volatility and lack of awareness about credit insurance are expected to hamper the growth of the market in the forecast period.

Global Credit Insurance Market, Geographic Analysis

The Global Credit Insurance market is studied on the basis of key geographies Europe, North America, Middle East and Africa, Asia Pacific and Latin America. Europe dominated the global Credit Insurance market in 2017. This region is driven by growing demand from Germany. The Asia Pacific region is projected to grow at the highest CAGR over the forecast period. This region is dominated by emerging economies such as China and India.

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North America, dominated by U.S. and Canada held the second largest share in the market in 2017. However, as this market is considered to be mature, its growth is expected to be slower than that of Asia Pacific.

Global Credit Insurance Market, Competitive Landscape

The Global Credit Insurance market is highly fragmented with the presence of a large number of manufacturers globally. Some of the major players include Zurich Insurance Group Ltd, Aig, Chubb, Euler Hermes, Atradius, Coface, Credendo Group, QBE Insurance Group Ltd., Cesce, Equinox.

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