Trade Credit Insurance Market Survey, Future Scope, Market Insights, Surety, Statistics, Claim, Renewal And Forecast 2023-2032|American International Group Inc., Aon Plc., Compagnie Française d’Assurance pour le Commerce Extérieur (Coface), Credendo, Euler Hermes

The Trade Credit Insurance Global Market Report 2023 by The Business Research Company, provides trade credit insurance market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Trade Credit Insurance Global Market Report 2023, the global trade credit insurance market size is expected to grow from $10.30 billion in 2022 to $11.27 billion in 2023 at a compound annual growth rate (CAGR) of 9.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global trade credit insurance market size is expected to grow to $15.84 billion in 2027 at a CAGR of 8.9%.

A surge in the global import and export of goods and services is expected to propel the growth of the trade credit insurance market going forward. Exporting refers to selling products and services to a foreign country. Contrarily, importing is the act of acquiring goods and services from outside and bringing them into one’s own nation. Trade credit insurance is employed to shield trading companies’ receivables from credit concerns. Trade credit is a tool used by producers, importers, and exporters to simplify finance operations. Trade growth has therefore increased the demand for trade credit insurance.

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The trade credit insurance market is segmented:

1) By Component: Product, Services

2) By Coverages: Whole Turnover Coverage, Single Buyer Coverage

3) By Application: Domestic, Exports

4) By Industry Vertical: Food and Beverages, IT and Telecom, Metals and Mining, Healthcare, Energy and Utilities, Automotive, Other Industry Verticals

Technology advancements have emerged as a key trend gaining popularity in the trade credit insurance market. Major companies operating in the trade credit insurance market are focused on developing new technological solutions to strengthen their position in the market. For instance, in October 2021, LiquidX, a US-based provider of financial technology solutions, launched its InBlock Digital Policy Management pilot for trade credit insurance. With the aid of Distributed Ledger Technology (DLT), smart contracts, and artificial intelligence (AI), this solution automates crucial policy administration and compliance procedures while also integrating trade credit insurance policies into financial workflows for the first time. In order to build a solution that automates the management of multi-buyer and single-buyer insurance programs while maximizing the efficacy and user experience of this innovative technology, LiquidX teamed with a financial institution and a business.

The trade credit insurance market report table of contents includes: