LONDON, April 20, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the trade credit insurance market forecasts the global trade credit insurance market size to grow from $10.3 billion in 2022 to $11.2 billion in 2023 at a compound annual growth rate (CAGR) of more than 9%. The global trade credit insurance market size is expected to grow to $15.8 billion in 2027 at a CAGR of more than 8%.
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A boom in global import and export of products and services is predicted to move the trade credit insurance industry forward in the coming years. Exporting is the sale of goods and services to a foreign country. Importing, on the other hand, is the act of acquiring products and services from outside sources and bringing them into one's own country. Trade credit insurance is used to protect a trade company's receivables from credit issues. Producers, importers, and exporters use trade credit to streamline financial operations. Trade expansion has so increased demand for trade credit insurance. According to a report provided by the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organisation within the United Nations Secretariat, total global trade grew to a record $28.5 trillion in 2021 in February 2022. This is a 25% rise from 2020 and a 13% increase from 2019. After a somewhat weak third quarter of trade growth in 2021, it continued in the fourth quarter, with goods trade increasing by nearly $200 billion, hitting a new high of $5.8 trillion. As a result, an increase in worldwide import and export of products and services is driving the trade credit insurance market growth.
Major players in the trade credit insurance market are American International Group Inc., Aon Plc., Compagnie Française d'Assurance pour le Commerce Extérieur (Coface), Credendo, Euler Hermes, Export Development Canada, Qbe Insurance (Australia) Ltd.
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Advances in technology have emerged as a crucial trend gaining traction in the trade credit insurance sector. Major players in the trade credit insurance market are focusing on developing innovative technical solutions to increase their market position. For example, LiquidX, a financial technology solutions provider based in the United States, will begin its InBlock Digital Policy Management pilot for trade credit insurance in October 2021. This system automates critical policy administration and compliance operations while also integrating trade credit insurance policies into financial workflows for the first time using Distributed Ledger Technology (DLT), smart contracts, and artificial intelligence (AI). LiquidX collaborated with a financial institution and a business to create a solution that automates the management of multi-buyer and single-buyer insurance programmes while maximising the efficacy and user experience of this revolutionary technology.
Europe was the largest region in the trade credit insurance market in 2022. Asia-Pacific is expected to be the fastest-growing region as per the global trade credit insurance market overview during the forecast period. The regions covered in the global trade credit insurance market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global trade credit insurance market is segmented by component into product, services; by coverages into whole turnover coverage, single buyer coverage; by application into domestic, exports; by industry vertical into food and beverages, it and telecom, metals and mining, healthcare, energy and utilities, automotive, other industry verticals.
Trade Credit Insurance Global Market Report 2023 by The Business Research Company provides insights on the trade credit insurance market size, trade credit insurance market segments, trade credit insurance market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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