BANGALORE, India, Jan. 4, 2021
BANGALORE, India, Jan. 4, 2021 /PRNewswire/ -- The Credit Insurance Market is Segmented by Type (Domestic Trade, Export Trade), by Application (Buyer: Turnover below EUR 5 Million, Buyer: Turnover above EUR 5 Million), Key Vendors and Regional Growth: Global Opportunity Analysis and Industry Forecast, 2021 - 2026. This report is published on Valuates Reports in the Insurance Category.
The global Credit Insurance Market size is projected to reach USD 13600 Million by 2026, from USD 12000 Million in 2020, at a CAGR of 2.1% during 2021-2026.
Credit insurance is an insurance policy and a risk management product provided to business organizations by private insurance providers and government export credit agencies to cover their receivables from defaults due to credit risk.
Uncertainty about global affairs, such as trade tensions between the US and China, and Brexit, means that companies – particularly those looking to grow through foreign trade – are facing increased volatility. As the volatility increases, the credit insurance market size is also expected to grow.
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TRENDS INFLUENCING THE CREDIT INSURANCE MARKET SIZE
The growth of SMEs is expected to fuel the growth of credit insurance market size. Small and medium-sized businesses across the globe often face issues related to their accounts receivable when exporting or trading in domestic and foreign markets. Failure to pay invoices impacts these small and medium-sized businesses. This risk is constantly rising across geographies, and businesses are looking for robust solutions to get rid of the threat. That is why small and medium-sized businesses in developed countries and few developing countries are increasingly drawn to credit insurance.
Credit insurance offers various competitive benefits such as, identifying potential losses, help transfer the risk to the insurer's balance sheet, and reduces bad debt provision. These advantages are in turn expected to increase the growth of credit insurance market size.
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CREDIT INSURANCE MARKET SHARE ANALYSIS
Based on region, the Asia Pacific is expected to hold the largest credit insurance market share during the forecast period. The key drivers for the credit insurance sector in Asia-Pacific have been China's policy stimulus for credit insurance, the increased role of export credit insurance, and the liberalized export credit market in conjunction with rising SME participation.
Europe is also expected to hold a significant credit insurance market share during the forecast period. This is attributed to the presence of major lending companies that offer credit insurance services.
Global Credit Insurance market: regional analysis, the major regions covered in the report are:
Rest of Asia-Pacific
Middle East & Africa
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CREDIT INSURANCE MARKET SEGMENTATION
by Type, the market is primarily split into
by Application, this report covers the following segments
The Credit Insurance key Companies in this market include:
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SIMILAR REPORTS :
- Trade Credit Insurance Market: Major factors driving the growth of the Trade Credit Insurance Market size are the increase in trade activities among small enterprises, growing financial risks, and the rising conditions of bankruptcies on the buyer's side.
Top companies in the trade credit insurance market size include American International Group Inc., EULER HERMES, Zurich Insurance Group Ltd., The Coface Group, Marsh Inc., Atradius N.V., Catlin Group Limited, Firestop Contractors International Association, QBE Insurance Group Limited, and Trade Credit Reinsurance Company.
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