Trade Credit Insurance Market Size, Share & Industry Analysis, By Coverage (Whole Turnover Coverage and Single Buyer Coverage), By Insured's Company Size (SMEs and Large Enterprises), By Vertical (Manufacturing, Retail, Food & Beverages, Automotive, IT & Telecom, and Others (Energy, Etc.)), and Regional Forecast, 2025-2032

The global trade credit insurance market size was valued at USD 11.67 billion in 2024. The market is projected to grow from USD 12.62 billion in 2025 to USD 23.73 billion by 2032, exhibiting a CAGR of 9.4% during the forecast period.

Trade credit insurance (TCI) protects businesses from the risk of non-payment by customers for goods or services supplied on credit. It provides compensation to the seller for a percentage of the outstanding debt if a customer becomes insolvent or defaults on a payment.

The market is experiencing growth due to several factors such as increasing economic uncertainty, globalization, the growth of small and medium-sized enterprises (SMEs), and technological advancements. TCI protect businesses against the risk of non-payment by customers, which supports greater financial stability and confidence in commercial transactions.

The main participants in the market include Allianze Trade, Atradius N.V., Coface, American International Group, Zurich, Chubb, QBE Insurance Group Limited.

Impact of Gen AI

Gen AI Reshapes the Market by Transforming Risk Assessment and Claims Management

Generative AI is reshaping the trade credit insurance sector by transforming risk assessment and claims management. Advanced GenAI models constantly evaluate the massive volumes of structured and unstructured data available from financial statements and trade flows to global news to identify early warning indicators of buyer distress and credit risk in general. By monitoring proactively, insurers are able to enhance underwriting decision processes and maintain portfolio performance. In the claim management process, GenAI automates verifies, documents, and manages case triage, all with ideally significant reductions in settlement turnaround time. By increasing accuracy, transparency, and operational efficiency will assist insurers in modernizing the claim process and allowing for faster, data-driven, and more reliable credit risk protection.

MARKET DYNAMICS

Market Drivers

Rising Payment Defaults and Global Trade Volatility Drives Market Growth

The trade credit insurance market growth is driven by rising payment defaults and increasing volatility in global trade. As companies experience increasing insolvency risks, disruptions in the supply chain, and geopolitical uncertainties, protecting accounts receivables has become a pressing need. Trade credit insurance allows companies to reduce the non-payment risks, protect working capital, and ensure liquidity. Furthermore, insurers have improved their risk assessment systems and customizable coverage solutions to spur greater uptake. With its ability to provide stability during challenging conditions and provide access to trade finance, trade credit insurance is becoming a critical tool to sustain business confidence and the resiliency of global trade.

Market Restraints

Volatile Loss Ratios and Limited SME Awareness to Hinder Market Growth

Volatile loss ratios and limited awareness among small and medium-sized enterprises (SMEs) remain key restraints in the trade credit insurance industry. During periods of economic slowdown, rising defaults and fluctuating claim frequencies strain insurer profitability, prompting stricter underwriting and higher premiums. This volatility discourages risk appetite and limits market expansion. At the same time, many SMEs lack awareness of trade credit insurance benefits or perceive it as an unnecessary expense, restricting adoption. Addressing these challenges through targeted education, simplified products, and flexible pricing models will be critical to enhancing market penetration and ensuring sustainable industry growth.

Market Opportunities

Growing ECA–Private Insurer Partnerships Create Major Opportunity for Market Growth

The growing collaboration between export credit agencies (ECAs) and private insurers presents a significant opportunity for the trade credit insurance market. These partnerships combine public institutions’ risk mitigation frameworks with private insurers’ underwriting expertise and agility, enhancing overall market capacity and resilience. Joint initiatives improve access to credit insurance solutions in emerging markets, high-risk regions, and among SMEs traditionally underserved by commercial insurers. By facilitating greater risk-sharing, expanding coverage scope, and promoting trade finance availability, ECA–private insurer alliances are unlocking new avenues for market growth, portfolio diversification, and sustainable global trade development.

TRADE CREDIT INSURANCE MARKET TRENDS 

Shift from Stand-Alone TCI to Bank-Embedded Cover Represent a Major Trend

The shift from standalone policies to bank-embedded coverage models is a significant trend influencing the trade credit insurance market. In order to offer complete security for funded receivables, financial institutions are progressively including trade credit insurance into their supply chain finance, invoice discounting, and factoring solutions. Lender confidence is increased, credit availability is improved, and risk management is streamlined with this integrated strategy. By incorporating coverage into financial products, banks provide more accessibility and convenience to their customers, especially SMEs. By encouraging cooperation between lenders and insurers, the approach promotes innovation, operational effectiveness, and a more robust trade finance ecosystem.

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SEGMENTATION ANALYSIS

By Coverage

Portfolio-Wide Protection Boosts Whole Turnover Coverage Segment Growth

Based on the coverage, the market is segmented into whole turnover coverage and single buyer coverage.

The whole turnover coverage segment held the largest revenue share of USD 8.24 billion in the overall global market in the year 2024. The revenue is driven by its portfolio-wide protection that lenders prefer for factoring/SCF/securitizations, spreading risk across many buyers with lower admin cost.

Of all the segments, single buyer coverage holds the highest CAGR of 12.0% in the global market. The growth is mainly due to the rising project/infrastructure and commodities deals plus “top-up” needs on concentrated counterparties and longer tenors.

By Insured's Company Size

Large Enterprise Segment Dominates Market Owing to Bank-Driven Requirements

Based on insured's company size, the market is divided into SMEs and large enterprises.

The large enterprise segment dominates with a trade credit insurance market share with USD 7.00 billion. The segment continues to generate the major revenue due to bank-driven requirements that translate into higher insured turnover and premiums.

SMEs holds the highest CAGR of 10.9% in the global market. The segment’s growth is mainly due to digital onboarding via brokers/fintech, embedded cover in receivables finance, and ECA support expanding awareness and affordability.

By Vertical

Largest B2B Receivables Pools Augments the Manufacturing Segment Growth

Based on the vertical, the market is divided into manufacturing, retail, food & beverages, automotive, IT & telecom, and others (energy, etc.).

The manufacturing segment for accounted for the largest market share at USD 2.78 billion in 2024 and continue to generate the highest revenues since they possess the largest B2B receivables pools (chemicals, machinery, metals, electronics) and export-intensive, longer credit terms.

Food & beverages represent the largest CAGR at 12.8% in the global market. Food & beverages are growing faster primarily due to buyer concentration (large retailers/foodservice) increasing bad-debt sensitivity and TCI penetration.

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TRADE CREDIT INSURANCE MARKET REGIONAL OUTLOOK

Geographically the market is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa.

North America

The North American region is currently leading the global market. The region held the market value of USD 3.98 billion and USD 4.30 billion in 2024 and 2025 respectively. Components driving growth include deep bank integration of TCI (factoring/SCF/securitizations), dense broker networks, and high adoption by mid-to-large corporates. The market is served by major global players and provides essential risk mitigation for businesses across various sectors, protecting them from non-payment by customers. The U.S. is at the forefront of the North American market, with expected revenue of USD 3.73 billion in 2025 driven by rising domestic and international trade and increasing insolvencies.

Europe

The European market is substantially growing and is likely to contribute to a revenue share of USD 3.29 billion in 2025. The region’s growth is owing to increasing business insolvencies and heightened awareness of credit risks. This growth is further supported by technological adoption and favorable government initiatives. The U.K., Germany, and France are some of the leading contributors to the growth in the market, with the required revenue stake of USD 0.71 billion, USD 0.90 billion and USD 0.40 billion respectively by 2025.

Asia Pacific 

The Asia Pacific region is expanding considerably. The market size was valued at USD 2.82 billion in 2024 driven by SME digitization, and widening ECA capacity (e.g., Sinosure, NEXI, K-Sure, EFA) supporting cross-border trade. The growth is further attributable to the regional economic expansion, increased trade volumes, and rising business insolvencies.

India and China are major contributors to the market growth with an expected revenue share of USD 0.61 billion, and USD 0.64 billion respectively by 2025.

South America and Middle East & Africa

The markets of South America and Middle East & Africa are growing with an expected share of USD 0.69 billion and USD 1.17 billion respectively in 2025. The region’s growth is attributable to increasing business insolvencies, expanding international trade, and rising demand for risk management solutions. GCC countries are predicted to have a market share of USD 0.53 billion by 2025.

COMPETITIVE LANDSCAPE

Key Industry Players

Key Players Focus On Partnerships and Acquisitions to Lead the Industry

The key players in the industry include Allianze Trade, Atradius N.V., Coface, American International Group, Zurich, Chubb, QBE Insurance Group Limited, Aon Plc, Credento, Howden Insurance Brokers LLC, Allianz Saudi Fransi, AXA XL, and Markel Corporation. These leading firms use strategies such as mergers and acquisitions, technological integration (AI, data analytics), and offering specialized solutions for multinational corporations and SMEs. They focus on adapting to global trade shifts, providing real-time risk analysis, simplifying policy management, and leveraging market expertise to mitigate client risks and grow their market share.

LIST OF KEY TRADE CREDIT INSURANCE COMPANIES PROFILED:

• Allianze Trade (France)
• Atradius N.V. (Netherlands)
• Coface (France)
• American International Group (U.S.)
• Zurich (Switzerland)
• Chubb (Switzerland)
• QBE Insurance Group Limited (Australia)
• Aon Plc (U.K.)
• Credento (Belgium)
• Howden Insurance Brokers LLC (U.K.)
• Allianz Saudi Fransi (Saudi Arabia)
• AXA XL (France)
• Markel Corporation (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• September 2025- Abu Dhabi National Insurance Company (ADNIC), a leading regional multi-line insurance provider, and Allianz Trade, the global leader in trade credit insurance announced the establishment of a long-term strategic partnership. This collaboration marks a major milestone in expanding access to Trade Credit Insurance solutions (TCIS) for businesses across the UAE.
• July 2025- DUAL Europe is expanding its specialty lines across the continent with the launch of its Trade Credit Insurance business, with capacity provided by Axeria, a Pan-European carrier.
• July 2024- Brokerslink, a network of independent brokers, has introduced a specialized Trade Credit Insurance (TCI) practice to meet the rising demand from its international affiliates. This new TCI practice will give Brokerslink’s Partners and Affiliates access to a shared pool of expertise in the Trade Credit sector, allowing brokers to enhance their services for both local and multinational clients.
• March 2024- Allianz Trade launches Allianz Trade pay, a new range of services fully dedicated to B2B e-commerce activities, including a trade credit insurance protection, a fraud module, a digital buyer onboarding solution and instant financing solution through one of our financial institution partners.
• March 2023- Navitas Assurance Partners, a specialty managing general underwriter, has entered into a relationship with Crum & Forster’s Credit Division and Great American Insurance Company’s FCIA Trade Credit & Political Risk Division to provide highly rated trade credit insurance capacity to the North American energy markets. The collaboration will leverage each company’s financial strength and specialty focus on the energy sector to meet pent-up demand for alternative assurance products.

REPORT COVERAGE

The global report provides a detailed analysis of the market and focuses on key aspects such as prominent companies, deployment modes, types, and end users of the product. Besides this, it offers insights into the trade credit insurance market trends and highlights key industry developments and market share analysis for key companies. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

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Report Scope & Segmentation