Global Credit Insurance Market Overview:
Credit insurance is an insurance policy and a risk management product offered by private insurance companies and governmental export credit agencies to business entities wishing to protect their accounts receivable from loss due to credit risks such as protracted default, insolvency or bankruptcy. Credit insurance product is a type of property and casualty insurance. Credit insurance is an insurance policy bought by a borrower that pays off one or more existing debts in the event of a disability, or in rare cases, death, and unemployment. It is marketed most frequently as a credit card feature, with the monthly cost charging a low percentage of the card's unpaid balance. Credit insurance is considered as one way to decrease this risk. Also, it is the overlying field of covering exporters against the risk they will not be paid for a range of reasons including political upheaval or simply default.
- High Adoption due to Unbalanced Macro-Economic Factors
- Growing Demand due to Improving Sales and Accounts Receivable Support Benefits
- Rising Attraction towards Simplified Insurance Claiming Procedures
- Integration of Technology of Credit Insurance
- Rising Concern about Fraudulent Policies as well as Claims
- Emergences of Credit Insurance Companies in Developing Countries
- Market Is Penetrating At a Higher Growth Rate in Developing Regions Due To the Growing Export Business in the Regions
Some of the key players profiled in the report are Zurich Insurance Group Ltd (Switzerland), AIG (United States), Chubb (United States), Euler Hermes (France), Atradius (Netherlands), Coface (France), Credendo Group (Belgium), QBE Insurance Group Ltd. (Australia), Cesce (Spain) and Equinox (United States). Additionally, following companies can also be profiled that are part of our coverage like Export Development Canada (Canada) and China Export & Credit Insurance Corporation (China). Analyst at AdvanceMarketAnalytics see European Players to retain maximum share of Global Credit Insurance market by 2024. Considering Market by Organization Size, the sub-segment i.e. Small & Medium Enterprise will boost the Credit Insurance market. Considering Market by Component, the sub-segment i.e. Product [Buyer: Turnover below EUR 5 Million, Buyer: Turnover above EUR 5 Million] will boost the Credit Insurance market. Considering Market by Insurance Type, the sub-segment i.e. Credit Life Insurance will boost the Credit Insurance market.
On 2nd June 2019, Zurich Insurance Group (Zurich) has acquired ANZís life insurance business, OnePath Life, becoming a leading life insurer for retail customers in that market. Zurich expands its bank distribution footprint attracting up to 6 million new customers in Australia.
On 26th March 2019, Coface has launched its credit insurance offer in Greece. Coface is now able to strengthen its support to Greek businesses, by providing them with its recognized expertise in monitoring the credit-worthiness of millions of companies all over the world, and by protecting their commercial transactions.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be provided prior to purchase
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Credit Insurance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Credit Insurance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Suppliers and Distributors, Industry Association, Government Regulatory Bodies, Government Research Organizationís, Private Research Organizationís and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.