Trade Credit Insurance Market Report by Component (Product, Services), Coverages (Whole Turnover Coverage, Single Buyer Coverage), Enterprises Size (Large Enterprises, Medium Enterprises, Small Enterprises), Application (Domestic, International), Industry Vertical (Food and Beverages, IT and Telecom, Metals and Mining, Healthcare, Energy and Utilities, Automotive, and Others), and Region 2024-2032

Trade Credit Insurance Market Report by Component (Product, Services), Coverages (Whole Turnover Coverage, Single Buyer Coverage), Enterprises Size (Large Enterprises, Medium Enterprises, Small Enterprises), Application (Domestic, International), Industry Vertical (Food and Beverages, IT and Telecom, Metals and Mining, Healthcare, Energy and Utilities, Automotive, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A4666
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Market Overview:

The global trade credit insurance market size reached US$ 12.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 24.0 Billion by 2032, exhibiting a growth rate (CAGR) of 7.1% during 2024-2032.

Report Attribute
 Key Statistics 
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 12.8 Billion
Market Forecast in 2032
US$ 24.0 Billion
Market Growth Rate 2024-2032 7.1%


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.

Global Trade Credit Insurance Market Report

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.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group 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. Our report has categorized the market based on component, coverages, enterprises size, application and industry vertical.

Breakup by Component:

  • Product
  • Services

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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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:

 

 
 

 

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  • 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, Coverages, Enterprises Size, Application, Industry Vertical, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global trade credit insurance market was valued at US$ 12.8 Billion in 2023.

We expect the global trade credit insurance market to exhibit a CAGR of 7.1% during 2024-2032.

The rising integration of trade credit insurance with Artificial Intelligence (AI) and the Internet of Things (IoT)-enabled solutions, as they aid in running automated business rules, self-learning models, network analysis, etc., is primarily driving the global trade credit insurance market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous intra- and inter-national trade activities, thereby negatively impacting the global market for trade credit insurance.

Based on the component, the global trade credit insurance market can be segmented into product and services. Currently, product holds the majority of the total market share.

Based on the coverages, the global trade credit insurance market has been divided into whole turnover coverage and single buyer coverage, where whole turnover coverage currently exhibits a clear dominance in the market.

Based on the enterprises size, the global trade credit insurance market can be categorized into large enterprises, medium enterprises, and small enterprises. Currently, large enterprises account for the majority of the global market share.

Based on the application, the global trade credit insurance market has been segregated into domestic and international, where domestic currently holds the largest market share.

Based on the industry vertical, the global trade credit insurance market can be bifurcated into food and beverages, IT and telecom, metals and mining, healthcare, energy and utilities, automotive, and others. Among these, IT and telecom exhibits a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.

Some of the major players in the global trade credit insurance market include 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.

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Trade Credit Insurance Market Report by Component (Product, Services), Coverages (Whole Turnover Coverage, Single Buyer Coverage), Enterprises Size (Large Enterprises, Medium Enterprises, Small Enterprises), Application (Domestic, International), Industry Vertical (Food and Beverages, IT and Telecom, Metals and Mining, Healthcare, Energy and Utilities, Automotive, and Others), and Region 2024-2032
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