Industry Background:
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.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia- Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | 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) |
This growth is primarily driven by High Adoption due to Unbalanced Macro-Economic Factors and Growing Demand due to Improving Sales and Accounts Receivable Support Benefits.
Globally, a noticeable market trend is evident Rising Attraction towards Simplified Insurance Claiming Procedures
The Multi-line Insurance sector in the Europe region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as 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), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 2nd June 2019, Zurich Insurance Group (Zurich) has acquired ANZ’s 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.
Influencing Trend:
Rising Attraction towards Simplified Insurance Claiming Procedures and Integration of Technology of Credit Insurance
Market Growth Drivers:
High Adoption due to Unbalanced Macro-Economic Factors and Growing Demand due to Improving Sales and Accounts Receivable Support Benefits
Restraints:
Rising Concern about Fraudulent Policies as well as Claims
Opportunities:
Emergences of Credit Insurance Companies in Developing Countries and Market Is Penetrating At a Higher Growth Rate in Developing Regions Due To the Growing Export Business in the Regions
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Credit Insurance Market
- Analysis about New Entrants in Credit Insurance Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Credit Insurance Study Sheds Light on
The Credit Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Credit Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Credit Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.