Trade Credit Insurance Market to be Worth $22.13 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, May 17, 2023 /PRNewswire/ -- The global trade credit insurance market size is anticipated to reach USD 22.13 billion by 2030, registering a CAGR of 11.1% over the forecast period, according to a new report by Grand View Research, Inc. The growth of the market can be attributed to the increasing uncertainty and non-payment frauds. Furthermore, the rise in the import and export trades worldwide is also anticipated to drive the market's growth.

Key Industry Insights & Findings from the report:

• The large enterprises segment accounted for the largest share in 2022. The growth can be attributed owing to the help offered by trade credit insurance to large national and multi-national companies to improve credit management, introduce lines of credit, expand sales markets, enhance their balance sheet to increase shareholder value and protect cash flow.
• The whole turnover coverage segment led the industry in 2022. The whole turnover trade credit insurance policies provide better protection and is an excellent risk management solution, as it allows for coverage for all the accounts receivable and reduces credit risk, thereby fueling the segment's growth.
• The international application segment dominated the market in 2022. The growth can be anticipated owing to the factors such as low risk and greater confidence due to no fear of non-payment by foreign buyers.
• Food & beverage as a single individual segment dominated the market in 2022. The growth of the segment can be attributed to a high degree of credit risk in the food & beverage sector due to the involvement of perishable items and the reliance on a few large customers.
• Europe dominated the market in 2022. The growing adoption of trade credit insurance policies across the region is anticipated to fuel the regional market's growth.

Read full market research report, "Trade Credit Insurance Market Size, Share & Trend Analysis Report By Enterprise Size (Large Enterprises, Small & Medium Enterprises), By Coverage, By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Trade Credit Insurance Market Growth & Trends

Recently, venture capital firms have started focusing on insurance start-ups, assisting them in raising funds to expand their product portfolios and strengthen their market position. For instance, in June 2022, Hokodo Services Ltd, an insurance company based in London, announced that it raised USD 40 million through a series B funding round led by Notion Capital, a venture capital fund. The company aimed to utilize these funds for redefining the way that businesses transact.

The increasing partnerships between the market players to expand their offerings across various regions is anticipated to drive the market's growth. For instance, in June 2022, Coface, a trade credit insurance provider, entered into a strategic partnership with Doha Insurance Group, an insurer in Qatar. This partnership was aimed at offering credit insurance products to companies based in Qatar and assisting them in boosting their growth in their export and domestic markets.

The COVID-19 pandemic significantly impacted the global industry. Lockdowns were implemented due to the pandemic, which led to a temporary prohibition on import and export, and manufacturing across multiple industries. Furthermore, it resulted in a sudden drop in the demand for trade credit insurance policies. However, the temporary shutdown of production units led to increased losses for businesses, due to which defaults in payment have risen tremendously, acting as one of the key drivers of the industry.

Trade Credit Insurance Market Segmentation

Grand View Research has segmented the global trade credit insurance market based on enterprise size, coverage, application, end-use, and region:

Trade Credit Insurance Market - Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)

• Large Enterprises
• Small & Medium Enterprises

Trade Credit Insurance Market - Coverage Outlook (Revenue, USD Million, 2017 - 2030)

• Whole Turnover Coverage
• Single Buyer Coverage

Trade Credit Insurance Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

• Domestic
• International

Trade Credit Insurance Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)

• Food & Beverage
• IT & Telecom
• Healthcare
• Energy
• Automotive
• Others

Trade Credit Insurance Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• France
• Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East & Africa (MEA)
• UAE
• Kingdom of Saudi Arabia (KSA)
• South Africa

List of Key Players in the Trade Credit Insurance Market

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

Check out more related studies published by Grand View Research:

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• Insurtech Market - The global insurtech market size is expected to reach USD 152.43 billion by 2030, registering a CAGR of 52.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rising awareness about the benefits of insurtech solutions in simplifying the claim process, improving communication, and implementing automation is expected to drive market growth. The increased use of robotic process automation in insurance companies to handle repetitive tasks more accurately, quickly, and accurately compared to humans is also one of the major factors driving the market growth.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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