Credit Insurance Market will reach US$ 8560 million by 2023 according to new market report
Credit Insurance Market report offers a complete guide to the size and share of the market at an international level. The report makes available the latest market size data, letting you to identify the regions driving growth. It provides detailed analysis of the Credit Insurance which researched industry situations, growth and demands, Credit Insurance market outlook, business strategies utilised, competitive analysis by Credit Insurance Market Players, Deployment Models, Opportunities, Forecast, Value Chain, Major Player Profiles.
Trade credit insurance or 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.
The Global Credit Insurance market is expected to witness expansion in the near future. The credit insurance market is a huge market with low penetration. This market has a huge yet unrealized potential. Regulatory and insolvency frameworks vary widely between different countries, and although there is generally an upward trend in corporate insolvencies, the differences in frameworks and in reporting standards make comparison difficult. These factors have contributed to an increased awareness of and focus on trade risks on credit.
Three major European groups – Euler Hermes, Atradius and Coface – dominate the market internationally, with a combined market share in 2016 of over 72%.
Geographically, the global Credit Insurance has been segmented into Western Europe, Eastern Europe, North America, Latin America, Middle East & Africa and Asia-Pacific. The Europe held the largest share in the global Credit Insurance market, its revenue of global market exceeds 72% in 2016. The next position is America. China and India have being the most populous country has fast growing Credit Insurance market.
Over the next five years, LPI(LP Information) projects that Credit Insurance will register a 2.0% CAGR in terms of revenue, reach US$ 8560 million by 2023, from US$ 7750 million in 2017.
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The report also presents the market competition landscape and a corresponding detailed analysis of the major players in the market. The key players covered in this report: