Import Export Insurance Market to Witness Major Growth by 2028 | Atradius, Euler Hermes, Coface
According to HTF MI, The “Global Import Export Insurance Market: Industry Trends, Share, Growth, Size, Opportunity, and Forecast 2023-2029” It is expected that between 2023 and 2028, the global import-export insurance market would expand at a compound annual growth rate (CAGR) of 8.4%, reaching USD 11.9 billion in 2023 and USD 19.84 billion by that time.
Published Via 11Press : The protection offered to exporters and importers to lessen the risk of damage or loss of products during commerce is referred to as import-export insurance. It covers damage to the cargo both on land and at sea. Import-export insurance demand is fueled by reasons including rising globalization and the need for the insurance protection to get a credit line from a financial institution. The market is, however, facing difficulties due to the unstable nature of the economy and the high price of insurance. Due to the enormous possibility afforded by providing customized insurance solutions and integrating technology, the market is anticipated to maintain its development trajectory overall.
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Key and Developing Players,
- Atradius
- Euler Hermes
- Coface
- Zurich Insurance
- Chubb
- Allianz SE
- Liberty Mutual Insurance
- Tokio Marine Holdings
- AXA XL
- QBE Insurance
- Sompo Holdings
- AIG
Market Drivers
- The main drivers of the market expansion for import-export insurance are the effects of rising globalization and the need for insurance protection in order to get credit facilities from financial institutions.
- The need for import and export insurance has risen as a result of growing worldwide commerce.
- Businesses are growing their consumer bases overseas, sourcing goods from other countries, and investigating new markets.
- As trade volumes increase, it becomes increasingly important to have insurance protection against potential dangers.
- For the purpose of reducing the risks related to trade financing, banks, and other financial institutions frequently demand that importers and exporters carry insurance coverage.
- Before granting credit facilities like letters of credit or export finance, lenders may demand confirmation of insurance.
Market Opportunities
- Depending on their sector, trade routes, and particular requirements, businesses involved in import and export activities have different risk profiles.
- Insurance companies have the chance to create and supply specialized insurance solutions that meet the distinct risks faced by various industries and enterprises.
- Clients looking for complete protection that matches their particular commercial activity may be drawn to customized coverage.
- Technology adoption in the import-export insurance sector has the potential to provide new possibilities.
- Insurance businesses may be able to improve client experiences and speed underwriting procedures by utilizing advanced analytics, data management, and automation.
- Both insurers and insured parties can gain from the increased openness and confidence that technology solutions like blockchain can bring to the insurance business.
Market Restraints
- The market development of import-export insurance is being constrained by shifting economic conditions and the high cost of insurance.
- Economic ups and downs may significantly affect international commerce, which in turn can have an impact on the need for import-export insurance.
- Businesses may cut back on trading during times of economic uncertainty, which lowers the need for insurance protection.
- Particularly for small and medium-sized businesses (SMEs) with limited financial means, import-export insurance can be expensive.
- Some firms may find it difficult to obtain full coverage due to the prices insurance carriers charge being seen as exorbitant.
- Cost factors, especially for price-sensitive businesses, may prevent the adoption of import-export insurance.
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Import Export Insurance Market Segmentation:
Market Breakdown by Applications:
- Export Credit Insurance
- Marine Insurance
- Political Risk Insurance
- International Product Liability
- Others
Market Breakdown by Types:
- Manufacturing
- Agriculture
- Energy
- Retail
- Others
Report Scope
| The Market size value in 2023 | USD 11.9 Bn. |
| Revenue Forecast by 2033 | USD 19.84 Bn. |
| Growth Rate | CAGR Of 8.4% |
| Regions Covered | Europe, Latin America, the Middle East, and Africa, as well as the rest of the world, comprise North America. |
| Historical Years | 2018-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
Competitive Landscape:
The competitive climate of the sector is thoroughly investigated in addition to a study of the top competitors’ profiles in the import-export insurance market. Some players profiled are Atradius, Coface, Euler Hermes (France), Zurich Insurance Group (Switzerland), Allianz SE (Germany), Chubb Limited (Switzerland), Liberty Mutual Insurance (United States), AXA XL (France), Tokio Marine Holdings (Japan), QBE Insurance Group (Australia), AIG (United States), Sompo Holdings.
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Key highlights of the report:
- Import Export Insurance Market Performance (2018-2022)
- Import Export Insurance Market Outlook (2023-2028)
- Import Export Insurance Market Trends
- Import Export Insurance Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Detailed competitive landscape
If it is not currently covered by the report, we will provide you with any specific information you want as part of the revision.
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