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A surge in worldwide import and export of goods and services is likely to spur innovation in trade credit insurance manufacturing, propelling the market over the forecast period.

The global trade credit insurance market 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 global trade credit insurance market size is expected to grow to $15.84 billion in 2027 at a CAGR of 8.9%.

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Global Trade Credit Insurance Market Segments Include:

• By Component: Product, Services
• By Coverages: Whole Turnover Coverage, Single Buyer Coverage
• By Application: Domestic, Exports
• By Industry Vertical: Food and Beverages, IT and Telecom, Metals and Mining, Healthcare, Energy and Utilities, Automotive, Other Industry Verticals
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Europe is the largest region in the global trade credit insurance market in 2021.

Major Market Players in the trade credit insurance market include American International Group Inc., Aon Plc., Compagnie Française d’Assurance pour le Commerce Extérieur (Coface), Credendo, Euler Hermes, Export Development Canada.

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.

The Trade Credit Insurance Global Market Report 2023  provides a trade credit insurance market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The trade credit insurance market forecast analyzes trade credit insurance market size, trade credit insurance market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trade credit insurance is a beneficial financial risk management approach that protects a company from losses caused by unmet trade-related obligations. Trade credit insurance protects businesses that provide goods and services against non-payment or delays in trade credit payments caused by commercial or political risks.

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