Trade Credit Insurance Market 2024 - By Size, Industry Scope, Global Share, Key Country Analysis And Forecast To 2033

"The new report published by The Business Research Company, titled ""Trade Credit Insurance Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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Rising Global Trade Activity Boosts Trade Credit Insurance Market Growth
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.

Technology advancements have emerged as a key trend gaining popularity in the trade credit insurance market. Major companies operating in the trade credit insurance market are focused on developing new technological solutions to strengthen their position in the market. For instance, in October 2021, LiquidX, a US-based provider of financial technology solutions, launched its InBlock Digital Policy Management pilot for trade credit insurance. With the aid of Distributed Ledger Technology (DLT), smart contracts, and artificial intelligence (AI), this solution automates crucial policy administration and compliance procedures while also integrating trade credit insurance policies into financial workflows for the first time. In order to build a solution that automates the management of multi-buyer and single-buyer insurance programs while maximizing the efficacy and user experience of this innovative technology, LiquidX teamed with a financial institution and a business.

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

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Major companies operating in the trade credit insurance market report are Export Development Canada, AXA SA, American International Group Inc., Chubb Limited, Liberty Mutual Insurance Company, Sompo Japan Insurance Inc., Mapfre S.A., Marsh & McLennan Companies Inc., Cesce SpA, QBE Insurance Group Limited, Markel Corporation, Aon plc, CNA Financial Corporation, Hannover Re, Willis Towers Watson Public Limited Company, Zurich Insurance Group AG, AmTrust Financial Services Inc., Tokio Marine HCC, Mercury Insurance Brokers Ltd, Atradius N.V., Euler Hermes Aktiengesellschaft, Hiscox Ltd., Coface SA, Compagnie Française d'Assurance pour le Commerce Extérieur (Coface), CBL Insurance Limited, Credendo Group, Nexus Underwriting Management Limited, Elevate Insurance, China Export & Credit Insurance Corporation, Sinosure, CNA Hardy

Contents of the report:
1. Executive Summary
2. Trade Credit Insurance Market Report Structure
3. Trade Credit Insurance Market Trends And Strategies
4. Trade Credit Insurance Market - Macro Economic Scenario
5. Trade Credit Insurance Market Size And Growth
…..
27. Trade Credit Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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