Trade Credit Insurance Market Study 2023-2030: Increasing Uncertainty and Non-Payment Frauds Driving Demand

DUBLIN, Aug. 9, 2023 /PRNewswire/ -- The "Global Trade Credit Insurance Market 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The global trade credit insurance market is projected to reach USD 22.13 billion by 2030, growing at a CAGR of 11.1% over the forecast period. The market's growth is driven by factors such as increasing uncertainty and non-payment frauds, as well as the rise in import and export trades worldwide.

One of the notable trends in the market is the focus of venture capital firms on insurance start-ups, helping them raise funds to expand their product portfolios and strengthen their market position. For example, Hokodo Services Ltd, a London-based insurance company, raised USD 40 million through a series B funding round led by Notion Capital in June 2022, with the aim of redefining the way businesses transact.

Partnerships between market players to expand their offerings across different regions are also expected to drive the market's growth. In June 2022, Coface, a trade credit insurance provider, entered into a strategic partnership with Doha Insurance Group in Qatar to offer credit insurance products to companies in Qatar and support their growth in export and domestic markets.

The COVID-19 pandemic had a significant impact on the industry, with lockdowns leading to temporary restrictions on import and export, manufacturing, and a drop in demand for trade credit insurance policies. However, the pandemic also resulted in increased losses for businesses, leading to a surge in payment defaults and driving demand for trade credit insurance to mitigate credit risks.

Trade Credit Insurance Market Report Highlights

• Large Enterprises: The segment accounted for the largest share in 2022, as trade credit insurance helps large national and multi-national companies improve credit management, expand sales markets, and protect cash flow.
• Whole Turnover Coverage: This segment led the market in 2022, offering better protection and risk management solutions by covering all accounts receivable and reducing credit risk.
• International Application: This segment dominated the market in 2022, with low risk and greater confidence due to no fear of non-payment by foreign buyers.
• Food & Beverage: This segment was a dominant force in 2022, with high credit risk in the sector due to perishable items and reliance on a few large customers.
• Europe: The region dominated the market in 2022, as trade credit insurance policies gained adoption across the region.

Market Dynamics

Drivers

• Rapid Market Expansion in New Regions
• Rapid Digitization of the Insurance Sector

Challenges

• Trade Regulations Across Different Jurisdictions

Opportunities

• Scaling Technologies such as AI and ML

Industry Value Chain Analysis

• Underwriters Outlook
• Credit Insurance Providers Outlook
• End-users Outlook

Industry Analysis Tools

• Porter's Analysis
• PESTEL Analysis

Overall, the trade credit insurance market is expected to witness significant growth due to the increasing need for risk mitigation and protection against non-payment frauds in the global trade landscape. The market is also witnessing advancements in technology, which are expected to further enhance the efficiency and effectiveness of trade credit insurance policies.

Key Topics Covered

Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Trade Credit Insurance Market Variables and Trends
Chapter 4 Trade Credit Insurance Market: Coverage Estimates & Trend Analysis
Chapter 5 Trade Credit Insurance Market: Enterprise Size Estimates & Trend Analysis
Chapter 6 Trade Credit Insurance Market: Application Estimates & Trend Analysis
Chapter 7 Trade Credit Insurance Market: End-use Estimates & Trend Analysis
Chapter 8 Trade Credit Insurance Market: Regional Estimates & Trend Analysis
Chapter 9 Trade Credit Insurance Market: Competitive Landscape

Companies Mentioned

• Allianz Trade
• Atradius N.V.
• Coface
• American Interantional Group, Inc. (AIG)
• Zurich
• Chubb
• QBE Insurance Group Limited
• Great American Insurance Company
• Aon PLC
• Credendo

For more information about this report visit https://www.researchandmarkets.com/r/hkhrsb

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SOURCE Research and Markets