Global Trade Credit Insurance Market to Reach USD 25.3 Billion by 2033, Propelled by Expanding BFSI Industry

December 19, 2024 | BFSI

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The latest report by IMARC Group, titled “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 2025-2033,” finds that the global trade credit insurance market size reached USD 13.7 Billion in 2024. Trade credit insurance (TCI), or credit insurance, is an effective financial risk management tool that covers the payment risk involved with purchasing and delivering goods or services. It is priced based on the size and number of customers covered under the policy, their creditworthiness, and the risk inherent to the industry in which they operate. It safeguards a business against unforeseen insolvency, bankruptcy, or protracted default in payment. It also includes political risk insurance, which covers the risk of non-payment by foreign buyers due to currency issues, political unrest, and expropriation. Owing to these benefits, TCI finds extensive applications across the food and beverage, information technology (IT), telecommunication, healthcare, energy, and automotive industries.

Global Trade Credit Insurance Market Trends:

The market is primarily driven by the expanding banking, financial services, and insurance (BFSI) industry across the globe. In addition, the increasing number of small and medium-sized enterprises represent another major growth-inducing factor. Besides this, insurance companies are integrating advanced technologies, such as artificial intelligence (AI) and the Internet of Things (IoT), with insurance solutions to predict accurate business risks. This, coupled with various benefits associated with TCI, such as sales and accounts receivable support and the flexibility to choose trading partners, is positively influencing the market growth. Moreover, with the rising import and export activities across various countries, organizations are widely investing in financial tools, such as TCI and letters of credit (LC), to safeguard themselves against unforeseen financial losses. Furthermore, rapid digitization in the insurance industry and the implementation of favorable government policies to encourage fair trade practices are also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach USD 25.3 Billion by 2033, expanding at a CAGR of 6.72% during the forecast period (2025-2033).

Market Summary:

Based on the component, the market has been bifurcated into products and services.
On the basis of the coverage, the market has been segregated into whole turnover and single buyer coverages.
Based on the enterprise size, the market has been categorized into large, medium, and small enterprises.
On the basis of the application, the market has been segmented into domestic and international.
Based on the industry vertical, the market has been classified into food and beverage, IT and telecom, metals and mining, healthcare, energy and utilities, automotive, and others.
Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has also been examined, with some of the key players being American International Group Inc., Aon plc, Axa S.A., China Export & Credit Insurance Corporation, Chubb Limited (ACE Limited), Compagnie Française d'Assurance pour le Commerce Extérieur (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 Scope:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
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
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)

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Trade Credit Insurance Market to Reach USD 25.3 Billion by 2033, Propelled by Expanding BFSI Industry

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