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PUBLISHER: IMARC | PRODUCT CODE: 1390803
PUBLISHER: IMARC | PRODUCT CODE: 1390803
Trade Credit Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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Abstract
The global trade credit insurance market size reached US$ 11.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.8 Billion by 2028, exhibiting a growth rate (CAGR) of 8.07% during 2022-2028.
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:
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 2023-2028. Our 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 2022?
- 2. What is the expected growth rate of the global trade credit insurance market during 2023-2028?
- 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?
Product Code: SR112023A4666
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
- 11.1.1 United States
- 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
- 11.2.1 China
- 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
- 11.3.1 Germany
- 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
- 11.4.1 Brazil
- 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
- 16.3.1 American International Group Inc.
Product Code: SR112023A4666
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$), 2017-2022
- Figure 3: Global: Trade Credit Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 4: Global: Trade Credit Insurance Market: Breakup by Component (in %), 2022
- Figure 5: Global: Trade Credit Insurance Market: Breakup by Coverages (in %), 2022
- Figure 6: Global: Trade Credit Insurance Market: Breakup by Enterprises Size (in %), 2022
- Figure 7: Global: Trade Credit Insurance Market: Breakup by Application (in %), 2022
- Figure 8: Global: Trade Credit Insurance Market: Breakup by Industry Vertical (in %), 2022
- Figure 9: Global: Trade Credit Insurance Market: Breakup by Region (in %), 2022
- Figure 10: Global: Trade Credit Insurance (Product) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 11: Global: Trade Credit Insurance (Product) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 12: Global: Trade Credit Insurance (Services) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 13: Global: Trade Credit Insurance (Services) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 14: Global: Trade Credit Insurance (Whole Turnover Coverage) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 15: Global: Trade Credit Insurance (Whole Turnover Coverage) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 16: Global: Trade Credit Insurance (Single Buyer Coverage) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 17: Global: Trade Credit Insurance (Single Buyer Coverage) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 18: Global: Trade Credit Insurance (Large Enterprises) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 19: Global: Trade Credit Insurance (Large Enterprises) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 20: Global: Trade Credit Insurance (Medium Enterprises) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 21: Global: Trade Credit Insurance (Medium Enterprises) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 22: Global: Trade Credit Insurance (Small Enterprises) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 23: Global: Trade Credit Insurance (Small Enterprises) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 24: Global: Trade Credit Insurance (Domestic) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 25: Global: Trade Credit Insurance (Domestic) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 26: Global: Trade Credit Insurance (International) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 27: Global: Trade Credit Insurance (International) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 28: Global: Trade Credit Insurance (Food and Beverages) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 29: Global: Trade Credit Insurance (Food and Beverages) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 30: Global: Trade Credit Insurance (IT and Telecom) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 31: Global: Trade Credit Insurance (IT and Telecom) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 32: Global: Trade Credit Insurance (Metals and Mining) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 33: Global: Trade Credit Insurance (Metals and Mining) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 34: Global: Trade Credit Insurance (Healthcare) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 35: Global: Trade Credit Insurance (Healthcare) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 36: Global: Trade Credit Insurance (Energy and Utilities) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 37: Global: Trade Credit Insurance (Energy and Utilities) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 38: Global: Trade Credit Insurance (Automotive) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 39: Global: Trade Credit Insurance (Automotive) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 40: Global: Trade Credit Insurance (Other Industry Verticals) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 41: Global: Trade Credit Insurance (Other Industry Verticals) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 42: North America: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 43: North America: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 44: United States: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 45: United States: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 46: Canada: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 47: Canada: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 48: Asia-Pacific: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 49: Asia-Pacific: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 50: China: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 51: China: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 52: Japan: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 53: Japan: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 54: India: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 55: India: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 56: South Korea: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 57: South Korea: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 58: Australia: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 59: Australia: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 60: Indonesia: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 61: Indonesia: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 62: Others: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 63: Others: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 64: Europe: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 65: Europe: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 66: Germany: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 67: Germany: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 68: France: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 69: France: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 70: United Kingdom: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 71: United Kingdom: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 72: Italy: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 73: Italy: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 74: Spain: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 75: Spain: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 76: Russia: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 77: Russia: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 78: Others: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 79: Others: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 80: Latin America: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 81: Latin America: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 82: Brazil: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 83: Brazil: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 84: Mexico: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 85: Mexico: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 86: Others: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 87: Others: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 88: Middle East and Africa: Trade Credit Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 89: Middle East and Africa: Trade Credit Insurance Market: Breakup by Country (in %), 2022
- Figure 90: Middle East and Africa: Trade Credit Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- 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, 2022 and 2028
- Table 2: Global: Trade Credit Insurance Market Forecast: Breakup by Component (in Million US$), 2023-2028
- Table 3: Global: Trade Credit Insurance Market Forecast: Breakup by Coverages (in Million US$), 2023-2028
- Table 4: Global: Trade Credit Insurance Market Forecast: Breakup by Enterprises Size (in Million US$), 2023-2028
- Table 5: Global: Trade Credit Insurance Market Forecast: Breakup by Application (in Million US$), 2023-2028
- Table 6: Global: Trade Credit Insurance Market Forecast: Breakup by Industry Vertical (in Million US$), 2023-2028
- Table 7: Global: Trade Credit Insurance Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 8: Global: Trade Credit Insurance Market: Competitive Structure
- Table 9: Global: Trade Credit Insurance Market: Key Players
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