Credit Insurance Market to 2025 - Global Analysis and Forecasts by Component (Products, and Services); Enterprise Size (Small & Medium Enterprise, and Large Enterprise); & Application (Domestic, and Export)
The global credit insurance market is anticipated accounted to US$ 8.64 Bn in 2017 and is expected to grow at a CAGR of 2.9% during the forecast period 2018 - 2025, to account to US$ 10.77 Bn by 2025.
The global credit insurance market is expected to exhibit high growth in the near future. Some of the major driving factors contributing to the market growth include the global macro-economic instability, which is posing a severe commercial threat to the trader, thereby, increasing the adoption of credit insurance. Another factor catalyzing the demand accounted for different services offered by the companies which include sales support and account receivable support. Majority of the companies operating in the global credit insurance market are based out of Europe, and North America. However, the market is penetrating at a higher growth rate in the Asia Pacific and the Middle East regions owing to the increasing export business in the regions.
Exhibit: Credit Insurance- Regional Markets
Market Insights
Small & Medium Enterprises to create a substantial opportunity for credit insurance market during the forecast period
With the increase in small & medium trading enterprises across the globe, the credit insurance market is expected to be fuelled by the SMEs segment. The small and medium business enterprises across the globe frequently encounter related to its account receivables according to the plans made while exporting or trading in the domestic and international market. The non-payment of invoices affects the bottom line of these small and medium enterprises. This risk is constantly growing across geographies and the enterprises are looking for robust solutions to get rid of the threat. This is the reason behind rising attraction towards credit insurance among the small and medium enterprises in developed countries and few developing countries. Attributing to this fact, the small & medium enterprise segment is expected to drive the growth of credit insurance market globally.
Asia-Pacific is foreseen to exhibit prime growth rate during the forecast period
Asia Pacific region consists of many developing countries which are witnessing high growth in their manufacturing sector. The region has become a global manufacturing hub with the presence of diverse manufacturing industries. The developing economies of APAC are experiencing tremendous growth in their FDIs for various industry verticals. Among China's evolution into a high-skilled manufacturing hub, other developing countries such as India, South Korea, Taiwan, and Vietnam among others are attracting several businesses that are in a quest to relocate their low to medium skilled manufacturing facilities to neighboring countries, offering lower labor cost. China's policy stimulus for credit insurance, the increased role for export credit insurance and the liberalized export credit market in conjunction with an increasing SME involvement have been the primary driving factors for the credit insurance market in Asia-Pacific.
Exhibit: Credit Insurance Market by Region
Strategic Insights
The market initiative was observed as the most adopted strategy in global credit insurance market. Few of the recent strategies by some of the players in credit insurance market landscape are listed below-
2018: Atradius N.V. opened branch office in Sofia, Bulgaria to strengthen its strategic presence in the burgeoning Bulgarian market, through steadily expanding exports and high GDP growth rates, creating a substantial credit insurance market volume.
2018: Zurich Insurance Group accelerated its Trade Credit Digital Transformation through Tinubu Square's SaaS solutions and services, in order to manage and automate the full lifecycle of its products from commercial and risk underwriting to claims payments on a single cloud platform.
2018: Credendo Announced a Euro 40 Million Capital Increase in Its Subsidiary Credendo - Single Risk by aiming at grabbing business opportunities arising from the single-risk insurance business segment and global demand for protection against geopolitical risks.
GLOBAL CREDIT INSURANCE MARKET- MARKET SEGMENTATION
By Component
- Products
- Services
- Small & Medium Enterprise
- Large Enterprise
- Domestic
- Exports
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- U.K.
- Rest of Europe
- Asia Pacific (APAC)
- Korea
- China
- India
- Japan
- Rest of APAC
- Middle East & Africa (MEA)
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
- South America (SA)
- Brazil
- Rest of SAM
- Euler Hermes
- Atradius N.V.
- Coface SA
- American Internation Group, Inc.
- Credendo
- QBE Insurance Group Ltd.
- Zurich Insurance Group
- China Export & Credit Insurance Corporation
- CESCE
- Export Development Canada
TABLE OF CONTENTS
1. INTRODUCTION 14
1.1 SCOPE OF THE STUDY 14
1.2 THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE 14
2. KEY TAKEAWAYS 16
3. CREDIT INSURANCE MARKET LANDSCAPE 20
3.1 MARKET OVERVIEW 20
3.2 MARKET SEGMENTATION 21
3.2.1 Credit Insurance Market – By Component 22
3.2.2 Credit Insurance Market – By Enterprise Size 22
3.2.3 Credit Insurance Market – By Application 23
3.2.4 Credit Insurance Market – By Geography 23
3.3 PEST ANALYSIS 24
3.3.1 North America – PEST Analysis 24
3.3.2 Europe – PEST Analysis 26
3.3.3 Asia Pacific – PEST Analysis 28
3.3.4 Middle East and Africa – PEST Analysis 30
3.3.5 South America – PEST Analysis 32
4. CREDIT INSURANCE MARKET – KEY INDUSTRY DYNAMICS 34
4.1 KEY MARKET DRIVERS 34
4.1.1 Unstable Macro-Economic Factors are Influencing the Growth of Credit Insurance 34
4.1.2 Improving Sales and Accounts Receivable Support Benefits to Accentuate the Demand for Credit Insurance 34
4.2 KEY MARKET RESTRAINTS 35
4.2.1 Fraudulent Policies and Claims are Limiting the Market Growth 35
4.3 KEY MARKET OPPORTUNITIES 35
4.3.1 Asia Pacific a Lucrative Region for Credit Insurance Companies 35
4.4 FUTURE TRENDS 36
4.4.1 Simplified Insurance Claiming Procedures 36
4.4.2 Integration of Technology to Boost the Market Growth 36
4.5 IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS 37
5. CREDIT INSURANCE – PREMIUM INSIGHTS 38
5.1 CREDIT INSURANCE REGULATORY FRAMEWORK 38
5.2 CREDIT INSURANCE RISK ANALYSIS 39
5.2.1 Credit Insurance Political and Commercial Risk: 39
6. CREDIT INSURANCE – GLOBAL MARKET ANALYSIS 40
6.1 GLOBAL CREDIT INSURANCE MARKET OVERVIEW 40
6.2 GLOBAL CREDIT INSURANCE MARKET FORECAST AND ANALYSIS 41
7. CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – COMPONENT 43
7.1 OVERVIEW 43
7.2 GLOBAL CREDIT INSURANCE MARKET BREAKDOWN, BY COMPONENTS, 2017 & 2025 43
7.2.1 Products market 44
7.2.1.1 Overview 44
7.2.1.2 Products Market Forecasts and Analysis 44
7.2.2 Services Market 45
7.2.2.1 Overview 45
7.2.2.2 Services Market Forecasts and Analysis 45
8. CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – ENTERPRISE SIZE 46
8.1 OVERVIEW 46
8.2 GLOBAL CREDIT INSURANCE MARKET BREAKDOWN, BY ENTERPRISE SIZE, 2017 & 2025 46
8.3 SMALL & MEDIUM ENTERPRISE MARKET 47
8.3.1 Overview 47
8.3.2 Small & Medium Enterprise Market Forecasts and Analysis 47
8.4 LARGE ENTERPRISE MARKET 48
8.4.1 Overview 48
8.4.2 Large Enterprise Market Forecasts and Analysis 48
9. CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – APPLICATION 49
9.1 OVERVIEW 49
9.2 GLOBAL CREDIT INSURANCE MARKET BREAKDOWN, BY APPLICATION, 2017 & 2025 49
9.3 DOMESTIC MARKET 50
9.3.1 Overview 50
9.3.2 Domestic Market Forecasts and Analysis 50
9.4 EXPORT MARKET 51
9.4.1 Overview 51
9.4.2 Export Market Forecasts and Analysis 51
10. CREDIT INSURANCE MARKET – GEOGRAPHICAL ANALYSIS 52
10.1 OVERVIEW 52
10.2 NORTH AMERICA CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 53
10.2.1 Overview 53
10.2.2 North America Credit Insurance Market Breakdown by Key Countries 54
10.2.2.1 U.S. Credit Insurance Market Revenue and Forecasts to 2025 (US$ Mn) 55
10.2.2.2 Canada Credit Insurance Market Revenue and Forecast to 2025 (US$ Mn) 56
10.2.2.3 Mexico Credit Insurance Market Revenue and Forecasts to 2025 (US$ Mn) 57
10.2.3 North America Credit Insurance Market Breakdown by Component 58
10.2.4 North America Credit Insurance Market Breakdown by Enterprise Size 59
10.2.5 North America Credit Insurance Market Breakdown by Application 60
10.3 EUROPE CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 61
10.3.1 Overview 61
10.3.2 Europe Credit Insurance Market Breakdown by Key Countries 62
10.3.2.1 France Credit Insurance Market Revenue and Forecasts to 2025 (US$ Mn) 63
10.3.2.2 Germany Credit Insurance Market Revenue and Forecast to 2025 (US$ Mn) 64
10.3.2.3 Italy Credit Insurance Market Revenue and Forecasts to 2025 (US$ Mn) 65
10.3.2.4 U.K Credit Insurance Market Revenue and Forecasts to 2025 (US$ Mn) 66
10.3.2.5 Spain Credit Insurance Market Revenue and Forecasts to 2025 (US$ Mn) 67
10.3.2.6 Rest of Europe Credit Insurance Market Revenue and Forecasts to 2025 (US$ Mn) 68
10.3.3 Europe Credit Insurance Market Breakdown by Component 68
10.3.4 Europe Credit Insurance Market Breakdown by Enterprise Size 69
10.3.5 Europe Credit Insurance Market Breakdown by Application 70
10.4 APAC CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 71
10.4.1 Overview 71
10.4.2 APAC Credit Insurance Market Breakdown by Key Countries 73
10.4.2.1 South Korea Credit Insurance Market Revenue and Forecasts to 2025 (US$ Mn) 74
10.4.2.2 China Credit Insurance Market Revenue and Forecast to 2025 (US$ Mn) 75
10.4.2.3 India Credit Insurance Market Revenue and Forecasts to 2025 (US$ Mn) 76
10.4.2.4 Japan Credit Insurance Market Revenue and Forecasts to 2025 (US$ Mn) 77
10.4.2.5 Rest of APAC Credit Insurance Market Revenue and Forecasts to 2025 (US$ Mn) 78
10.4.3 Asia Pacific (APAC) Credit Insurance Market Breakdown by Component 78
10.4.4 Asia Pacific (APAC) Credit Insurance Market Breakdown by Enterprise Size 79
10.4.5 Asia Pacific (APAC) Credit Insurance Market Breakdown by Application 80
10.5 MIDDLE EAST & AFRICA (MEA) CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 81
10.5.1 Overview 81
10.5.2 Middle East & Africa (MEA) Credit Insurance Market Revenue and Forecasts to 2025 (US$ Mn) 82
10.5.3 Middle East & Africa (MEA) Credit Insurance Market Breakdown by Key Countries 82
10.5.3.1 Saudi Arabia Credit Insurance Market Revenue and Forecast to 2025 (US$ Mn) 83
10.5.3.2 UAE Credit Insurance Market Revenue and Forecasts to 2025 (US$ Mn) 84
10.5.3.3 South Africa Credit Insurance Market Revenue and Forecasts to 2025 (US$ Mn) 85
10.5.4 1.5.4 Middle East & Africa (MEA) Credit Insurance Market Breakdown by Component 86
10.5.5 Middle East & Africa (MEA) Credit Insurance Market Breakdown by Enterprise Size 87
10.5.6 Middle East & Africa (MEA) Credit Insurance Market Breakdown by Application 88
10.6 SOUTH AMERICA (SAM) CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 89
10.6.1 Overview 89
10.6.2 South America (SAM) Credit Insurance Market Breakdown by Key Countries 90
10.6.2.1 Brazil Credit Insurance Market Revenue and Forecasts to 2025 (US$ Mn) 91
10.6.3 South America (SAM) Credit Insurance Market Breakdown by Component 92
10.6.4 South America (SAM) Credit Insurance Market Breakdown by Enterprise Size 93
10.6.5 South America (SAM) Credit Insurance Market Breakdown by Application 94
11. INDUSTRY LANDSCAPE 95
11.1 MARKET INITIATIVE 95
11.2 MERGER AND ACQUISITION 96
11.3 NEW DEVELOPMENT 97
12. COMPETITIVE LANDSCAPE 98
12.1 COMPETITIVE PRODUCT MAPPING 98
12.2 MARKET POSITIONING – GLOBAL TOP 5 PLAYERS RANKING 99
13. CREDIT INSURANCE MARKET, KEY COMPANY PROFILES 100
13.1 EULER HERMES 100
13.1.1 Key Facts 100
13.1.2 Business Description 100
13.1.3 Financial Overview 101
13.1.4 SWOT Analysis 101
13.1.5 Key Developments 103
13.2 ATRADIUS N.V. 104
13.2.1 Key Facts 104
13.2.2 Business Description 104
13.2.3 Financial Overview 105
13.2.4 SWOT Analysis 105
13.2.5 Key Developments 107
13.3 COFACE SA 108
13.3.1 Key Facts 108
13.3.2 Business Description 108
13.3.3 Financial Overview 109
13.3.4 SWOT Analysis 109
13.3.5 Key Developments 111
13.4 AMERICAN INTERNATIONAL GROUP, INC. 112
13.4.1 Key Facts 112
13.4.2 Business Description 112
13.4.3 Financial Overview 113
13.4.4 SWOT Analysis 113
13.4.5 Key Developments 115
13.5 CREDENDO 116
13.5.1 Key Facts 116
13.5.2 Business Description 116
13.5.3 Financial Overview 116
13.5.4 SWOT Analysis 117
13.5.5 Key Developments 118
13.6 QBE INSURANCE GROUP LIMITED 119
13.6.1 Key Facts 119
13.6.2 Business Description 119
13.6.3 Financial Overview 120
13.6.4 SWOT Analysis 120
13.6.5 Key Developments 122
13.7 ZURICH INSURANCE GROUP 123
13.7.1 Key Facts 123
13.7.2 Business Description 123
13.7.3 Financial Overview 124
13.7.4 SWOT Analysis 124
13.7.5 Key Developments 126
13.8 CHINA EXPORT & CREDIT INSURANCE CORPORATION 127
13.8.1 Key Facts 127
13.8.2 Business Description 127
13.8.3 Financial Overview 127
13.8.4 SWOT Analysis 128
13.8.5 Key Developments 129
13.9 CESCE 130
13.9.1 Key Facts 130
13.9.2 Business Description 130
13.9.3 Financial Overview 130
13.9.4 SWOT Analysis 131
13.9.5 Key Developments 132
13.10 EXPORT DEVELOPMENT CANADA 133
13.10.1 Key Facts 133
13.10.2 Business Description 133
13.10.3 Financial Overview 134
13.10.4 SWOT Analysis 134
13.10.5 Key Developments 136
14. APPENDIX 137
14.1 ABOUT THE INSIGHT PARTNERS 137
14.2 GLOSSARY OF TERMS 138
14.3 METHODOLOGY 140
14.3.1 Coverage 140
14.3.2 Secondary Research 140
14.3.3 Primary Research 141
LIST OF TABLES
TABLE 1. GLOBAL CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 (US$ BN) 42
TABLE 2. NORTH AMERICA CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – BY COMPONENT (US$ MN) 58
TABLE 3. NORTH AMERICA CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – BY ENTERPRISE SIZE (US$ MN) 59
TABLE 4. NORTH AMERICA CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – BY APPLICATION (US$ MN) 60
TABLE 5. EUROPE CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – BY COMPONENT (US$ MN) 69
TABLE 6. EUROPE CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – BY ENTERPRISE SIZE (US$ MN) 69
TABLE 7. EUROPE CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – BY APPLICATION (US$ MN) 70
TABLE 8. ASIA PACIFIC (APAC) CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – BY COMPONENT (US$ MN) 79
TABLE 9. ASIA PACIFIC (APAC) CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – BY ENTERPRISE SIZE (US$ MN) 79
TABLE 10. ASIA PACIFIC (APAC) CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – BY APPLICATION (US$ MN) 80
TABLE 11. MIDDLE EAST & AFRICA (MEA) CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – BY COMPONENT (US$ MN) 86
TABLE 12. MIDDLE EAST & AFRICA (MEA) CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – BY ENTERPRISE SIZE (US$ MN) 87
TABLE 13. MIDDLE EAST & AFRICA (MEA) CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – BY APPLICATION (US$ MN) 88
TABLE 14. SOUTH AMERICA (SAM) CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – BY COMPONENT (US$ MN) 92
TABLE 15. SOUTH AMERICA (SAM) CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – BY ENTERPRISE SIZE (US$ MN) 93
TABLE 16. SOUTH AMERICA (SAM) CREDIT INSURANCE MARKET REVENUE AND FORECASTS TO 2025 – BY APPLICATION (US$ MN) 94
TABLE 17. GLOSSARY OF TERM: CREDIT INSURANCE MARKET 138
LIST OF FIGURES
FIGURE 1. GLOBAL SMALL & MEDIUM ENTERPRISE MARKET, REVENUE & MARKET SHARE – 2017 & 2025 (US$ MN, %) 16
FIGURE 2. ASIA PACIFIC CREDIT INSURANCE MARKET REVENUE (US$ MN), 2017 & 2025 17
FIGURE 3. GLOBAL CREDIT INSURANCE MARKET – BY SERVICE 18
FIGURE 4. GLOBAL CREDIT INSURANCE MARKET – BY APPLICATION, MARKET SHARE (%), 201 7 & 2025 19
FIGURE 5. CREDIT INSURANCE MARKET SEGMENTATION 21
FIGURE 6. CREDIT INSURANCE MARKET SEGMENTATION - GEOGRAPHY 22
FIGURE 7. NORTH AMERICA – PEST ANALYSIS 24
FIGURE 8. EUROPE – PEST ANALYSIS 26
FIGURE 9. ASIA PACIFIC – PEST ANALYSIS 28
FIGURE 10. MIDDLE EAST AND AFRICA – PEST ANALYSIS 30
FIGURE 11. SOUTH AMERICA – PEST ANALYSIS 32
FIGURE 12. CREDIT INSURANCE MARKET IMPACT ANALYSIS OF DRIVER AND RESTRAINTS 37
FIGURE 13. GLOBAL CREDIT INSURANCE MARKET 40
FIGURE 14. GLOBAL CREDIT INSURANCE MARKET FORECAST AND ANALYSIS 41
FIGURE 15. GLOBAL CREDIT INSURANCE MARKET BREAKDOWN, BY COMPONENT, 2017 & 2025 (%) 43
FIGURE 16. GLOBAL PRODUCTS MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 44
FIGURE 17. GLOBAL SERVICES MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 45
FIGURE 18. GLOBAL CREDIT INSURANCE MARKET BREAKDOWN, BY ENTERPRISE SIZE, 2017 & 2025 (%) 46
FIGURE 19. GLOBAL SMALL & MEDIUM ENTERPRISE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 47
FIGURE 20. GLOBAL LARGE ENTERPRISE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 48
FIGURE 21. GLOBAL CREDIT INSURANCE MARKET BREAKDOWN, BY APPLICAITON, 2017 & 2025 (%) 49
FIGURE 22. GLOBAL DOMESTIC MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 50
FIGURE 23. GLOBAL EXPORT MARKET REVEN