Surge in focus toward mitigating risk regarding non-payment across several types of goods & services and expansion of trade in various regions that demand credit insurance drive the growth of the global trade credit insurance market. Europe held the largest share in 2019, accounting for nearly two-fifths of the market. Trade credit insurance products have gained momentum during the pandemic as it protects business from unforeseen circumstances.
Portland.OR, Feb. 23, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global trade credit insurance market generated $9.38 billion 2019, and is anticipated to reach $18.14 billion by 2027, growing at a CAGR of 8.6% from 2020 to 2027.
Surge in focus toward mitigating risk regarding non-payment across several types of goods & services and expansion of trade in various regions that demand credit insurance drive the growth of the global trade credit insurance market. However, risk of non-payment by foreign buyers hampers the market growth. On the contrary, benefits such as sales support & account receivable support are expected to create lucrative opportunities for the market players in the future.
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The Covid-19 and following lockdown resulted in uncertainty and protectionism in the global trade. Moreover, several regions imposed lockdown, which hampered business finances.
Thus, trade credit insurance products have gained momentum during the pandemic as it protects businesses from unforeseen circumstances.
Therefore, trade credit insurance products are gaining momentum during the pandemic situation. This, in turn, has become one of the major growth factors for the trade credit insurance industry during the global health crisis.
The global trade credit insurance market is segmented on the basis of component, enterprise size, application, coverage, industry vertical, and region.
Based on component, the products segment held the lion’s share in 2019, accounting for more than four-fifths of the total revenue. However, the services segment is estimated to manifest the highest CAGR of 10.6% during the forecast period.
On the basis of enterprise size, the large enterprise segment dominated the market in 2019, contributing to around three-fourths of the market. However, the small enterprise segment is expected to register the highest CAGR of 12.3% during the forecast period.
The global trade credit insurance market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the largest share in 2019, accounting for nearly two-fifths of the market. However, the market across Asia-Pacific is estimated to register the fastest CAGR of 10.7% during the forecast period.
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The global trade credit insurance market report includes an in-depth analysis of the major market players such as American International Group Inc., Aon plc, Atradius N.V., Coface, Credendo, EULER HERMES, Export Development Canada, QBE Insurance (Australia) Ltd., SINOSURE, and Zurich.
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