Trade Credit Insurance Market to Reach $41.1 billion, Globally, by 2033 at 10.7% CAGR: Allied Market Research

Allied Market Research published a report, titled, "Trade Credit Insurance Market By Component (Product and Services), Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises), Coverage (Whole Turnover Coverage and Single Buyer Coverage), Industry Vertical (Food and Beverages, IT and Telecom, Metals and Mining, Healthcare, Energy and Utilities, Automotive, and Others), and Application (Domestic and International): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the trade credit insurance market was valued at $14.9 billion in 2023, and is estimated to reach $41.1 billion by 2033, growing at a CAGR of 10.7% from 2024 to 2033.

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Prime Determinants of Growth

Numerous benefits provided by trade credit insurance solutions, rapid expansion of new geographic markets, and increase in commercial threat to the trade are the factors expected to propel the growth of the global trade credit insurance market. However, the varied and conflicting trade regulations across different jurisdictions and lack of awareness toward trade credit insurance across the globe are anticipated to hamper the growth of the global market. On the contrary, surge in small and medium enterprises globally and untapped potential of emerging economies are further expected to create lucrative opportunities for the growth of the global trade credit insurance market.

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Segment highlights

The product segment to maintain its lead position during the forecast period.

By component, the product segment held the largest market share in 2023, accounting for more than two-thirds of the trade credit insurance market revenue and is estimated to maintain its leadership status during the forecast period, owing to the growing demand for customized insurance solutions and the rising awareness of credit risk management among companies. However, the services segment is expected to attain the largest CAGR of 12.9% from 2023 to 2033 and is projected to maintain its lead position during the forecast period, owing to the increasing need for risk management consulting, claims processing, and advisory services, which drives the growth of this segment in the global trade credit insurance market.

The large enterprises segment to maintain its lead position during the forecast period

By enterprise size, the large enterprises segment accounted for the largest share in 2023, contributing to more than three-fifths of the trade credit insurance market revenue, owing to the significant financial exposure that large corporations face in their global operations, which needs trade credit insurance for the risk management, drives the segment growth. However, the small and medium-sized enterprises segment is expected to attain the largest CAGR of 12.9% from 2023 to 2033 and is projected to maintain its lead position during the forecast period, owing to increasing awareness among SMEs about the benefits of trade credit insurance, such as safeguarding their cash flow and mitigating risks from non-payment by clients, thereby driving the growth of this segment in the global trade credit insurance market.

The whole turnover coverage segment to maintain its lead position during the forecast period

By coverage, the whole turnover coverage segment accounted for the largest share in 2023, contributing to more than four-fifths of the trade credit insurance market revenue, owing to its comprehensive risk protection, which safeguards all of a company's credit sales rather than individual transactions. However, the single buyer coverage segment is expected to attain the largest CAGR of 14.2% from 2023 to 2033 and is projected to maintain its lead position during the forecast period, owing to its targeted risk management capabilities, allowing businesses to insure specific high-risk clients or major buyers that significantly impact their revenue, which is driving the segment growth.

The others segment to maintain its lead position during the forecast period.

By industry vertical, the others segment accounted for the largest share in 2023, contributing to more than one-fourth of the trade credit insurance market revenue, owing to the inclusion of diverse sectors such as technology, healthcare, and professional services, which fall outside traditional industries such as manufacturing or retail. As these industries increasingly engage in global trade, their exposure to credit risks has grown, thereby prompting a rising demand for trade credit insurance to safeguard against non-payment. However, the healthcare segment is expected to attain the largest CAGR of 15.9% from 2023 to 2033 and is projected to maintain its lead position during the forecast period, owing to the increasing global trade in medical products, including pharmaceuticals and medical devices, which often involve high-value transactions. The risk of non-payment in these transactions can have a significant financial impact, making trade credit insurance an essential tool for healthcare companies.

The domestic segment to maintain its lead position during the forecast period.

By application, the domestic segment accounted for the largest share in 2023, contributing to more than half of the trade credit insurance market revenue, owing to the high volume of domestic trade, where businesses often engage more frequently with local buyers compared to international clients. However, the international segment is expected to attain the largest CAGR of 12.4% from 2023 to 2033 and is projected to maintain its lead position during the forecast period, owing to the expanding volume of global trade, as businesses increasingly seek to enter international markets. The cross-border transactions come with higher financial risks, including currency fluctuations, geopolitical uncertainties, and varying legal frameworks, all of which increase the demand for trade credit insurance to protect against non-payment.

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North America region to maintain its dominance by 2033.

By region, North America held the largest market share in terms of revenue in 2023, owing to the benefits from robust economic activity characterized by high levels of both domestic and international trade. This strong economic foundation creates a favorable environment for businesses to engage in trade credit insurance as a means of safeguarding their transactions, which drives regional growth. However, Asia-Pacific is projected to attain the highest CAGR of 12.4% from 2023 to 2033, owing to the regions' rapid economic expansion, particularly in countries such as China and India, which is increasing trade activities and the need for risk management solutions.

Leading Market Players

American International Group Inc.
QBE Insurance (Australia) Ltd.
Atradius N.V.
Aon Plc
Coface
Marsh LLC.
Chubb Group Holdings Inc.
Zurich Insurance Company Ltd
Authorized Policy Insurance Brokers Ltd.
Credit Oman.
Howden Group Holdings Ltd.
Credendo
Allianz Saudi Fransi
Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
HDFC ERGO General Insurance Company Limited
SINOSUR

The report provides a detailed analysis of these key players in the trade credit insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the trade credit insurance market analysis from 2023 to 2033 to identify the prevailing trade credit insurance market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the trade credit insurance market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global trade credit insurance market trends, key players, market segments, application areas, and market growth strategies.

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Trade Credit Insurance Market Key Segments:

By Application

Domestic
International

By Component

Services
Product

By Enterprise Size

Large Enterprises
Small and Medium-sized Enterprises

By Coverage

Whole Turnover Coverage
Single Buyer Coverage

By Region

North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)

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