Published on : Jun 27, 2018
Albany, New York, June 27, 2018: The credit insurance or payment protection insurance has witnessed a spectacular growth throughout the world. According to the findings of a latest study, the global credit insurance market is expected to witness steady expansion in the near future as well. Market Research Hub (MRH) has publicized a new study titled “Global Credit Insurance Market by Manufacturers, Countries, Type and Application, Forecast to 2023” to its online database, offering readers a clear perspective of the market, by highlighting the market trends, factors in the current market along with industry growth prospects. This precise study has been analyzed on the basis of product type, applications, and they are regional as well as national markets in terms of revenue (US$ Mn) and CAGR.
Credit insurance is an insurance policy and a risk management product offered by government agencies and private insurance companies. Globally, it is the best way to manage credit risk in a cost-effective way for any organization. The credit risks involve protracted default, insolvency or bankruptcy. According to the study evaluations, the global credit insurance market which was valued at 7750 million USD in 2017 and is expected to reach 8560 million USD by the end of 2023, increasing at a CAGR of 2.0% between 2017 and 2023.
Moreover, the research analyses market expansion in major regions such as Latin America, North America, Asia Pacific, Europe, and Middle East & Africa (MEA). While analyzing these regions, a detailed qualitative analysis of the factors responsible for driving and restraining the growth of the credit insurance market in above regions has been provided. In addition, the report provides a detailed blueprint of the credit insurance market globally that will assist new companies in establishing their presence and market players in expanding their market share in the market.
According to the research findings, the Asia-Pacific will occupy for more market share in the coming years, especially in China, also fast-growing India and Southeast Asia regions. Besides, North America, especially The United States, will still play an important role in the global market for credit insurance which cannot be ignored.
As the research proceeds, this research is categorically divided into key sections on the basis of type and applications. Major applications include domestic trade and export trade. The analysts have further included that 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.
Above all, company profiles of the market participants are deliberated in the final chapters of the report. Key players highlighted in the study include Euler Hermes, Atradius, Credendo Group, Coface, QBE Insurance, Zurich and Cesce.
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