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Trade Credit Insurance Market Report by Component, Coverages, Enterprises Size, Application, Industry Vertical, and Region 2024-2032

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    Report

  • 136 Pages
  • September 2024
  • Region: Global
  • IMARC Group
  • ID: 5911817
Description Jump to:
The global trade credit insurance market size reached US$ 12.8 Billion in 2023. Looking forward, the market is expected to reach US$ 24.0 Billion by 2032, exhibiting a growth rate (CAGR) of 7.2% during 2023-2032.

Trade credit insurance (TCI), or credit insurance, refers to a risk management tool that covers the payment risk involved with the purchase and delivery of goods or services. It is purchased to safeguard or overcome the financial losses in case of unforeseen insolvency, bankruptcy or protracted default in payment. It protects manufacturers, traders and service providers against losses from non-payment of a commercial trade debt.

The insurance is usually available to credit card users with a low percentage monthly premium on the unpaid balance of the card. TCI is also used for insuring both domestic and international trade activities and providing coverage for whole or single turnover. As a result, it is widely used across various industries, including food and beverage, information technology (IT), telecommunication, healthcare, energy and automotive.

Trade Credit Insurance Market Trends:

Significant growth in the banking, financial services and insurance (BFSI) industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the increasing requirement for effective solutions to protect and mitigate the risks of non-payment across various goods and service industries is providing a thrust to the market growth. With the rising import and export activities, organizations are widely investing in various financial tools, such as TCI and letters of credit (LC), to safeguard themselves from financial losses. In line with this, the increasing number of small and medium-sized enterprises (SMEs) is also contributing to the growth of the market.

Various technological advancements, such as the launch of artificial intelligence (AI) and the Internet of Things (IoT)-enabled insurance solutions, are acting as other growth-inducing factors. These technologies aid in running automated business rules, self-learning models, network analysis, predictive analytics and device identification, which are highly beneficial for predicting risks. Other factors, including rapid digitization of the insurance sector, along with the implementation of favorable government policies promoting fair trade practices, are anticipated to drive the market toward growth.

Key Market Segmentation:

This report provides an analysis of the key trends in each sub-segment of the global trade credit insurance market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on component, coverages, enterprises size, application and industry vertical.

Breakup by Component:

  • Product
  • Services

Breakup by Coverages:

  • Whole Turnover Coverage
  • Single Buyer Coverage

Breakup by Enterprises Size:

  • Large Enterprises
  • Medium Enterprises
  • Small Enterprises

Breakup by Application:

  • Domestic
  • International

Breakup by Industry Vertical:

  • Food and Beverages
  • IT and Telecom
  • Metals and Mining
  • Healthcare
  • Energy and Utilities
  • Automotive
  • Others

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being American International Group Inc., Aon plc, Axa S.A., China Export & Credit Insurance Corporation, Chubb Limited (ACE Limited), Coface, Euler Hermes (Allianz SE), Export Development Canada, Nexus Underwriting Management Ltd., QBE Insurance Group Limited, Willis Towers Watson Public Limited Company and Zurich Insurance Group Ltd.

Key Questions Answered in This Report

1. What was the size of the global trade credit insurance market in 2023?
2. What is the expected growth rate of the global trade credit insurance market during 2024-2032?
3. What are the key factors driving the global trade credit insurance market?
4. What has been the impact of COVID-19 on the global trade credit insurance market?
5. What is the breakup of the global trade credit insurance market based on the component?
6. What is the breakup of the global trade credit insurance market based on the coverages?
7. What is the breakup of the global trade credit insurance market based on the enterprises size?
8. What is the breakup of the global trade credit insurance market based on the application?
9. What is the breakup of the global trade credit insurance market based on the industry vertical?
10. What are the key regions in the global trade credit insurance market?
11. Who are the key players/companies in the global trade credit insurance market?

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Trade Credit Insurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Component
6.1 Product
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Services
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Coverages
7.1 Whole Turnover Coverage
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Single Buyer Coverage
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Enterprises Size
8.1 Large Enterprises
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Medium Enterprises
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Small Enterprises
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Application
9.1 Domestic
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 International
9.2.1 Market Trends
9.2.2 Market Forecast
10 Market Breakup by Industry Vertical
10.1 Food and Beverages
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 IT and Telecom
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Metals and Mining
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Healthcare
10.4.1 Market Trends
10.4.2 Market Forecast
10.5 Energy and Utilities
10.5.1 Market Trends
10.5.2 Market Forecast
10.6 Automotive
10.6.1 Market Trends
10.6.2 Market Forecast
10.7 Others
10.7.1 Market Trends
10.7.2 Market Forecast
11 Market Breakup by Region
11.1 North America
11.1.1 United States
11.1.1.1 Market Trends
11.1.1.2 Market Forecast
11.1.2 Canada
11.1.2.1 Market Trends
11.1.2.2 Market Forecast
11.2 Asia-Pacific
11.2.1 China
11.2.1.1 Market Trends
11.2.1.2 Market Forecast
11.2.2 Japan
11.2.2.1 Market Trends
11.2.2.2 Market Forecast
11.2.3 India
11.2.3.1 Market Trends
11.2.3.2 Market Forecast
11.2.4 South Korea
11.2.4.1 Market Trends
11.2.4.2 Market Forecast
11.2.5 Australia
11.2.5.1 Market Trends
11.2.5.2 Market Forecast
11.2.6 Indonesia
11.2.6.1 Market Trends
11.2.6.2 Market Forecast
11.2.7 Others
11.2.7.1 Market Trends
11.2.7.2 Market Forecast
11.3 Europe
11.3.1 Germany
11.3.1.1 Market Trends
11.3.1.2 Market Forecast
11.3.2 France
11.3.2.1 Market Trends
11.3.2.2 Market Forecast
11.3.3 United Kingdom
11.3.3.1 Market Trends
11.3.3.2 Market Forecast
11.3.4 Italy
11.3.4.1 Market Trends
11.3.4.2 Market Forecast
11.3.5 Spain
11.3.5.1 Market Trends
11.3.5.2 Market Forecast
11.3.6 Russia
11.3.6.1 Market Trends
11.3.6.2 Market Forecast
11.3.7 Others
11.3.7.1 Market Trends
11.3.7.2 Market Forecast
11.4 Latin America
11.4.1 Brazil
11.4.1.1 Market Trends
11.4.1.2 Market Forecast
11.4.2 Mexico
11.4.2.1 Market Trends
11.4.2.2 Market Forecast
11.4.3 Others
11.4.3.1 Market Trends
11.4.3.2 Market Forecast
11.5 Middle East and Africa
11.5.1 Market Trends
11.5.2 Market Breakup by Country
11.5.3 Market Forecast
12 SWOT Analysis
12.1 Overview
12.2 Strengths
12.3 Weaknesses
12.4 Opportunities
12.5 Threats
13 Value Chain Analysis
14 Porters Five Forces Analysis
14.1 Overview
14.2 Bargaining Power of Buyers
14.3 Bargaining Power of Suppliers
14.4 Degree of Competition
14.5 Threat of New Entrants
14.6 Threat of Substitutes
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Key Players
16.3 Profiles of Key Players
16.3.1 American International Group Inc.
16.3.1.1 Company Overview
16.3.1.2 Product Portfolio
16.3.1.3 Financials
16.3.1.4 SWOT Analysis
16.3.2 Aon plc
16.3.2.1 Company Overview
16.3.2.2 Product Portfolio
16.3.2.3 Financials
16.3.2.4 SWOT Analysis
16.3.3 Axa S.A.
16.3.3.1 Company Overview
16.3.3.2 Product Portfolio
16.3.3.3 Financials
16.3.3.4 SWOT Analysis
16.3.4 China Export & Credit Insurance Corporation
16.3.4.1 Company Overview
16.3.4.2 Product Portfolio
16.3.5 Chubb Limited (ACE Limited)
16.3.5.1 Company Overview
16.3.5.2 Product Portfolio
16.3.5.3 Financials
16.3.5.4 SWOT Analysis
16.3.6 Coface
16.3.6.1 Company Overview
16.3.6.2 Product Portfolio
16.3.6.3 Financials
16.3.6.4 SWOT Analysis
16.3.7 Euler Hermes (Allianz SE)
16.3.7.1 Company Overview
16.3.7.2 Product Portfolio
16.3.8 Export Development Canada
16.3.8.1 Company Overview
16.3.8.2 Product Portfolio
16.3.9 Nexus Underwriting Management Ltd.
16.3.9.1 Company Overview
16.3.9.2 Product Portfolio
16.3.10 QBE Insurance Group Limited
16.3.10.1 Company Overview
16.3.10.2 Product Portfolio
16.3.10.3 Financials
16.3.10.4 SWOT Analysis
16.3.11 Willis Towers Watson Public Limited Company
16.3.11.1 Company Overview
16.3.11.2 Product Portfolio
16.3.11.3 Financials
16.3.11.4 SWOT Analysis
16.3.12 Zurich Insurance Group Ltd
16.3.12.1 Company Overview
16.3.12.2 Product Portfolio
16.3.12.3 Financials
16.3.12.4 SWOT Analysis
List of Figures
Figure 1: Global: Trade Credit Insurance Market: Major Drivers and Challenges
Figure 2: Global: Trade Credit Insurance Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Trade Credit Insurance Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 4: Global: Trade Credit Insurance Market: Breakup by Component (in %), 2023
Figure 5: Global: Trade Credit Insurance Market: Breakup by Coverages (in %), 2023
Figure 6: Global: Trade Credit Insurance Market: Breakup by Enterprises Size (in %), 2023
Figure 7: Global: Trade Credit Insurance Market: Breakup by Application (in %), 2023
Figure 8: Global: Trade Credit Insurance Market: Breakup by Industry Vertical (in %), 2023
Figure 9: Global: Trade Credit Insurance Market: Breakup by Region (in %), 2023
Figure 10: Global: Trade Credit Insurance (Product) Market: Sales Value (in Million US$), 2018 & 2023
Figure 11: Global: Trade Credit Insurance (Product) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 12: Global: Trade Credit Insurance (Services) Market: Sales Value (in Million US$), 2018 & 2023
Figure 13: Global: Trade Credit Insurance (Services) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 14: Global: Trade Credit Insurance (Whole Turnover Coverage) Market: Sales Value (in Million US$), 2018 & 2023
Figure 15: Global: Trade Credit Insurance (Whole Turnover Coverage) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 16: Global: Trade Credit Insurance (Single Buyer Coverage) Market: Sales Value (in Million US$), 2018 & 2023
Figure 17: Global: Trade Credit Insurance (Single Buyer Coverage) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 18: Global: Trade Credit Insurance (Large Enterprises) Market: Sales Value (in Million US$), 2018 & 2023
Figure 19: Global: Trade Credit Insurance (Large Enterprises) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 20: Global: Trade Credit Insurance (Medium Enterprises) Market: Sales Value (in Million US$), 2018 & 2023
Figure 21: Global: Trade Credit Insurance (Medium Enterprises) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 22: Global: Trade Credit Insurance (Small Enterprises) Market: Sales Value (in Million US$), 2018 & 2023
Figure 23: Global: Trade Credit Insurance (Small Enterprises) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 24: Global: Trade Credit Insurance (Domestic) Market: Sales Value (in Million US$), 2018 & 2023
Figure 25: Global: Trade Credit Insurance (Domestic) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 26: Global: Trade Credit Insurance (International) Market: Sales Value (in Million US$), 2018 & 2023
Figure 27: Global: Trade Credit Insurance (International) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 28: Global: Trade Credit Insurance (Food and Beverages) Market: Sales Value (in Million US$), 2018 & 2023
Figure 29: Global: Trade Credit Insurance (Food and Beverages) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 30: Global: Trade Credit Insurance (IT and Telecom) Market: Sales Value (in Million US$), 2018 & 2023
Figure 31: Global: Trade Credit Insurance (IT and Telecom) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 32: Global: Trade Credit Insurance (Metals and Mining) Market: Sales Value (in Million US$), 2018 & 2023
Figure 33: Global: Trade Credit Insurance (Metals and Mining) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 34: Global: Trade Credit Insurance (Healthcare) Market: Sales Value (in Million US$), 2018 & 2023
Figure 35: Global: Trade Credit Insurance (Healthcare) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 36: Global: Trade Credit Insurance (Energy and Utilities) Market: Sales Value (in Million US$), 2018 & 2023
Figure 37: Global: Trade Credit Insurance (Energy and Utilities) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 38: Global: Trade Credit Insurance (Automotive) Market: Sales Value (in Million US$), 2018 & 2023
Figure 39: Global: Trade Credit Insurance (Automotive) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 40: Global: Trade Credit Insurance (Other Industry Verticals) Market: Sales Value (in Million US$), 2018 & 2023
Figure 41: Global: Trade Credit Insurance (Other Industry Verticals) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 42: North America: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 43: North America: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 44: United States: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 45: United States: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 46: Canada: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 47: Canada: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 48: Asia-Pacific: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 49: Asia-Pacific: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 50: China: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 51: China: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 52: Japan: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 53: Japan: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 54: India: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 55: India: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 56: South Korea: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 57: South Korea: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 58: Australia: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 59: Australia: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 60: Indonesia: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 61: Indonesia: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 62: Others: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 63: Others: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 64: Europe: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 65: Europe: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 66: Germany: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 67: Germany: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 68: France: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 69: France: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 70: United Kingdom: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 71: United Kingdom: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 72: Italy: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 73: Italy: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 74: Spain: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 75: Spain: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 76: Russia: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 77: Russia: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 78: Others: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 79: Others: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 80: Latin America: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 81: Latin America: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 82: Brazil: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 83: Brazil: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 84: Mexico: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 85: Mexico: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 86: Others: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 87: Others: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 88: Middle East and Africa: Trade Credit Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 89: Middle East and Africa: Trade Credit Insurance Market: Breakup by Country (in %), 2023
Figure 90: Middle East and Africa: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 91: Global: Trade Credit Insurance Industry: SWOT Analysis
Figure 92: Global: Trade Credit Insurance Industry: Value Chain Analysis
Figure 93: Global: Trade Credit Insurance Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Trade Credit Insurance Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Trade Credit Insurance Market Forecast: Breakup by Component (in Million US$), 2024-2032
Table 3: Global: Trade Credit Insurance Market Forecast: Breakup by Coverages (in Million US$), 2024-2032
Table 4: Global: Trade Credit Insurance Market Forecast: Breakup by Enterprises Size (in Million US$), 2024-2032
Table 5: Global: Trade Credit Insurance Market Forecast: Breakup by Application (in Million US$), 2024-2032
Table 6: Global: Trade Credit Insurance Market Forecast: Breakup by Industry Vertical (in Million US$), 2024-2032
Table 7: Global: Trade Credit Insurance Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 8: Global: Trade Credit Insurance Market: Competitive Structure
Table 9: Global: Trade Credit Insurance Market: Key Players

Companies Mentioned

  • Credit Insurance Corporation
  • Chubb Limited (ACE Limited)
  • Coface
  • Euler Hermes (Allianz SE)
  • Export Development Canada
  • Nexus Underwriting Management Ltd.
  • QBE Insurance Group Limited
  • Willis Towers Watson Public Limited Company
  • Zurich Insurance Group Ltd

Methodology

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Table Information

Report AttributeDetails
No. of Pages136
PublishedSeptember 2024
Forecast Period2023 - 2032
Estimated Market Value ( USD ) in 2023 $ 12.8 Billion
Forecasted Market Value ( USD ) by 2032 $ 24 Billion
Compound Annual Growth Rate7.2%
Regions CoveredGlobal
No. of Companies Mentioned9

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About the Credit Insurance Market

Credit insurance is a type of insurance that protects businesses from the financial losses that can occur when a customer fails to pay an invoice. It is a form of trade credit insurance, which is designed to protect businesses from the risk of non-payment of goods or services that have been sold on credit. Credit insurance can help businesses manage their accounts receivable and protect them from bad debt. It can also help businesses to manage their cash flow and reduce the risk of insolvency. Credit insurance can be used to cover a variety of risks, including insolvency, non-payment, political risks, and currency fluctuations. It can also be used to cover the cost of collection and legal fees. Credit insurance can be purchased from a variety of providers, including banks, insurers, and brokers. Some of the companies in the credit insurance market include AIG, Allianz, AXA, Coface, Euler Hermes, and Zurich. Show Less Read more

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