Import Export Insurance Market Scope
Import-export insurance, also known as trade credit insurance or export credit insurance, is a type of insurance that helps businesses protect themselves against the financial risks associated with international trade. It provides coverage for various risks that can arise when a company engages in the import or export of goods and services. The primary purpose of import-export insurance is to safeguard a company's cash flow and financial stability by mitigating the risks involved in trading with overseas customers or suppliers.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Allianz SE, Atradius, Zurich Insurance Group, Coface, Liberty Mutual Insurance, AXA XL, QBE Insurance Group, AIG, Bajaj Allianz General Insurance Company and Tata AIG General Insurance Company |
CAGR | % |
Companies focus on expanding their geographic reach and establishing a global presence enables insurance companies to serve clients in different regions and tap into emerging markets with growing trade activities. In addition collaborating with logistics companies, trade associations, trade finance institutions, and other stakeholders in the global trade ecosystem can create synergies, expand market reach, and enhance value propositions.
Allianz SE, Atradius, Zurich Insurance Group, Coface, Liberty Mutual Insurance, AXA XL, QBE Insurance Group, AIG, Bajaj Allianz General Insurance Company and Tata AIG General Insurance Company are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Sompo Holdings, Chubb Limited and Oriental Insurance Company Limited.
About Approach
The 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 the total available market.
Segmentation Overview
The study have segmented the market of Global Import Export Insurance market by Type , by Application (Commercial Risk, Faults, Delay in Payment, Bankruptcy, Political Risk, War and Riots) and Region with country level break-up.
On the basis of geography, the market of Import Export 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).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In November 2021, Allianz announced that it had completed the acquisition of the Aviva Groups operations in Poland and Lithuania. It involves Avivas life and non-life insurance operations as well as its pension and asset management businesses.
In November 2018, Atradius and Kemiex launched a digital trading platform for raw materials in the pharma, vet, food, and feed industries. This new digital marketplace enables buyers and sellers of Active Pharmaceutical Ingredients (APIs) and additives to identify reliable trade partners and to trade safely. Atradius offers support by providing credit risk insight and trade insurance for trade partners.
Influencing Trend:
Increasingly Leveraging Digital Technologies Including Data Analytics, blockchain, and Online Platforms to Streamline Underwriting, Claims Processing, And Risk Assessment
Market Growth Drivers:
Increasing Digitization of Trade Processes and the Risk of Cyberattacks and Data Breaches Drive the Market for Import Export Insurance
Restraints:
Economic Recessions and Downturns Can Lead To Reduced International Trade Activity, Affecting the Demand for Import-Export Insurance
Opportunities:
Growing E-Commerce Sector Led To an Increase in Cross-Border Trade Provides Opportunity to the Market
Key Target Audience
Insurance Companies, Government Bodies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others