Credit Insurance Market Definition
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.
The market study is broken down, by Application (Domestic Trade and Export Trade) and major geographies with country level splits.
Research Analyst at AMA estimates that European Players will contribute to the maximum growth of Global Credit Insurance market throughout the predicted period.
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) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Export Development Canada (Canada) and China Export & Credit Insurance Corporation (China).
AdvanceMarketAnalytics has segmented the market of Global Credit Insurance market by Type, Application and Region.
On the basis of geography, the market of Credit Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Europe region held largest market share in the year 2019. North America on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Organization Size, the sub-segment i.e. Small & Medium Enterprise will boost the Credit Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see 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. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Insurance Type, the sub-segment i.e. Credit Life Insurance will boost the Credit Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
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.
- Rising Attraction towards Simplified Insurance Claiming Procedures
- Integration of Technology of Credit Insurance
- High Adoption due to Unbalanced Macro-Economic Factors
- Growing Demand due to Improving Sales and Accounts Receivable Support Benefits
- 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
- Rising Concern about Fraudulent Policies as well as Claims
Key Target AudienceSuppliers and Distributors, Industry Association, Government Regulatory Bodies, Government Research Organizationís, Private Research Organizationís and Others
About ApproachThe research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
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