Trade Credit Insurance Global Market Report 2024 – Market Size, And Global Forecast 2024-2033
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The trade credit insurance market has shown strong growth in recent years. It is expected to rise from $11.22 billion in 2023 to $12.26 billion in 2024, achieving a CAGR of 9.2%. This growth can be linked to global economic uncertainty, market expansion and international trade growth, risk mitigation for SMEs, compliance with regulations, and improved access to financing and credit terms.
What Is the Estimated Growth Rate and Market Size of the Global Track And Trace Solutions Market?
The trade credit insurance market is projected to see strong growth, reaching $17.48 billion by 2028, with a CAGR of 9.3%. Growth is attributed to global trade volatility, a heightened focus on supply chain resilience, the digitalization of trade finance, the emergence of new market entrants, and strategic risk management in a post-pandemic context. Key trends include the use of blockchain technology for enhanced security, increasing demand for non-cancellable policies, risk mitigation strategies for supply chain disruptions, an evolving regulatory landscape, and the rise of parametric insurance solutions.
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What Are The Significant Drivers Behind The Growth Of The Trade Credit Insurance Market?
The global increase in trade activities is anticipated to propel the trade credit insurance market. Trade credit insurance helps companies protect their receivables from credit risks, and the rise in imports and exports is boosting demand for such insurance.
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Which Top Companies Are Shaping The Growth Of The Track And Trace Solutions Market?
Major companies operating in the market report are Export Development Canada, AXA SA, American International Group Inc., Chubb Limited, Liberty Mutual Insurance Company, Sompo Japan Insurance Inc., Mapfre S.A., Marsh & McLennan Companies Inc., Cesce SpA, QBE Insurance Group Limited, Markel Corporation, Aon plc, CNA Financial Corporation, Hannover Re, Willis Towers Watson Public Limited Company, Zurich Insurance Group AG, AmTrust Financial Services Inc., Tokio Marine HCC, Mercury Insurance Brokers Ltd, Atradius N.V.
Which Emerging Trends Are Reshaping the Trade Credit Insurance Market Size?
Technological advancements are a prominent trend in the trade credit insurance market. Major companies in this sector are dedicated to developing new technological solutions to enhance their market positioning.
What Are The Segments In The Global Trade Credit Insurance Market?
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
Europe: Largest Region in the Trade Credit Insurance Market
Europe was the largest region in the trade credit insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market during the forecast period. The regions covered in the trade credit insurance global market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is The Trade Credit Insurance Market Defined?
Trade credit insurance is a financial risk management strategy that protects businesses from losses due to unpaid trade obligations. This insurance safeguards against non-payment or delays in trade credit payments arising from commercial or political risks.
The Trade Credit Insurance Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Trade Credit Insurance Market Report: Trends, Opportunities, Strategies, and More
The Trade Credit Insurance Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into trade credit insurance market size, trade credit insurance market drivers and trends, trade credit insurance market major players, trade credit insurance competitors' revenues, trade credit insurance global market positioning, and trade credit insurance market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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