Asia Pacific Trade Credit Insurance Market Forecast to 2031 - Regional Analysis - by Enterprise Size (Large Enterprises and SMEs), Application (International and Domestic), and End User (Energy, Automotive, Aerospace, Chemicals, Metals, Agriculture, Food and Beverages, Financial Services, Technology and Telecommunication, Transportation, and Others)
The Asia Pacific trade credit insurance market was valued at US$ 2,714.27 million in 2023 and is expected to reach US$ 4,943.95 million by 2031; it is estimated to register a CAGR of 7.8% from 2023 to 2031.
Government Initiatives Supporting MSMEs and SMEs to Adopt Trade Credit Insurance Boost Asia Pacific Trade Credit Insurance Market
Insurance coverage is critical for micro, small, and medium enterprises (MSMEs) and small and medium enterprises (SMEs) as it lowers financial risks and absorbs risks such as payment defaults. The growing geopolitical issues, economic downturn, instability in the supply chain, inflation, and other factors have increased the risks with exports worldwide, which boosts the demand for trade credit insurance among MSMEs for making seamless payments. Moreover, historical trends indicate that the majority of MSMEs and SMEs in India are uninsured, as they fail to understand the need for insurance. They only purchase insurance when a buyer or a bank requires it, which makes them vulnerable to financial risks. This also encourages the government to take initiatives to support MSMEs and SMEs in adopting trade credit insurance to secure their business from financial risks and payment defaults. For instance, the Insurance Regulatory and Development Authority of India (IRDAI) trade credit insurance guidelines, 2021, support MSMEs and SMEs to adopt trade credit insurance to protect their businesses from evolving insurance risk. The guidelines include:
• The government and market players promote sustainable and strong development of the trade credit insurance business.
• General insurance companies offer trade credit insurance covers to suppliers, licensed banks, and other financial institutions to help them manage business risk and open access to new markets. Trade credit insurance supports businesses to manage nonpayment risk associated with trade financing portfolios.
• General insurance companies provide customized trade credit insurance covers that improve businesses for SMEs and MSMEs and help protect themselves against evolving insurance risks.
Thus, favorable guidelines and other government initiatives supporting MSMEs and SMEs to adopt trade credit insurance for safeguarding their businesses from financial risks fuel the market growth.
Asia Pacific Trade Credit Insurance Market Overview
The Asia Pacific trade credit insurance market is segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market is expected to grow at a significant rate from 2023 to 2031. The rise in the number of businesses adopting strategic approaches for credit management and slow trade rates are a few factors boosting the usage of trade credit insurance among businesses, supporting the trade credit insurance market growth in APAC. For instance, according to an International Monetary Fund report published on April 2024, APAC has been observing slow trade since 2023 due to continuity in the inflation pressures among businesses. The global decrease in commodity and goods prices, monetary tightening, supply-chain disruptions, and high interest rates are a few other factors increasing the demand for trade credit insurance among businesses to protect themselves against financial risks. The growing cases of business insolvencies in APAC are expected to create significant opportunities for trade credit insurance market growth during the forecast period. For instance, according to Atradius N.V. report published on September 2023, the insolvency rate in APAC will continue to increase in 2024 due to the rising cases of bankruptcy faced by firms, less support from the government, and the presence of a financially challenging environment for companies. According to the same source, increasing incidents of business failures in countries, including Hong Kong (68%) and South Korea (45%), and growing cases of business insolvencies in Singapore (49%), India (50%), and Australia (45%) are expected to create new opportunities for the trade credit insurance market growth in the coming years.
Asia Pacific Trade Credit Insurance Market Revenue and Forecast to 2031 (US$ Million)
Asia Pacific Trade Credit Insurance Market Segmentation
The Asia Pacific trade credit insurance market is categorized into enterprise size, application, end user, and country.
Based on enterprise size, the Asia Pacific trade credit insurance market is bifurcated into large enterprises and SMEs. The large enterprises segment held a larger market share in 2023.
In terms of application, the Asia Pacific trade credit insurance market is bifurcated into international and domestic. The international segment held a larger market share in 2023.
By end user, the Asia Pacific trade credit insurance market is segmented into energy, automotive, aerospace, chemicals, metals, agriculture, food and beverages, financial services, technology and telecommunication, transportation, and others. The automotive segment held the largest market share in 2023.
By country, the Asia Pacific trade credit insurance market is segmented into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. China dominated the Asia Pacific trade credit insurance market share in 2023.
Allianz Trade, American International Group Inc, Aon Plc, Atradius NV, Chubb Ltd, Credendo, COFACE SA, Great American Insurance Company, QBE Insurance Group Ltd, and Zurich Insurance Group AG are some of the leading companies operating in the trade credit insurance market.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Asia Pacific Trade Credit Insurance Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in the Value Chain
5. Asia Pacific Trade Credit Insurance Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Surge in Business Insolvencies
5.1.2 Rise in Inflation and High Interest Rates
5.1.3 Government Initiatives Supporting MSMEs and SMEs to Adopt Trade Credit Insurance
5.2 Market Restraints
5.2.1 Lack of Awareness Among Emerging Economies
5.3 Market Opportunities
5.3.1 Supply Chain Complexities
5.3.2 Significant Initiatives to Promote AI use in Trade Credit Insurance Solutions
5.4 Future Trends
5.4.1 Development of Cloud-Based Trade Credit Insurance Solutions
5.5 Impact of Drivers and Restraints:
6. Trade Credit Insurance Market – Asia Pacific Analysis
6.1 Overview
6.2 Asia Pacific Trade Credit Insurance Market Revenue (US$ Million), 2021–2031
6.3 Asia Pacific Trade Credit Insurance Market Forecast Analysis
7. Asia Pacific Trade Credit Insurance Market Analysis – by Enterprise Size
7.1 Large Enterprises
7.1.1 Overview
7.1.2 Large Enterprises: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
7.2 SMEs
7.2.1 Overview
7.2.2 SMEs: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
8. Asia Pacific Trade Credit Insurance Market Analysis – by Application
8.1 International
8.1.1 Overview
8.1.2 International: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Domestic
8.2.1 Overview
8.2.2 Domestic: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9. Asia Pacific Trade Credit Insurance Market Analysis – by End User
9.1 Energy
9.1.1 Overview
9.1.2 Energy: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Automotive
9.2.1 Overview
9.2.2 Automotive: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Aerospace
9.3.1 Overview
9.3.2 Aerospace: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.4 Chemicals
9.4.1 Overview
9.4.2 Chemicals: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.5 Metals
9.5.1 Overview
9.5.2 Metals: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.6 Agriculture
9.6.1 Overview
9.6.2 Agriculture: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.7 Food and Beverages
9.7.1 Overview
9.7.2 Food and Beverages: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.8 Financial Services
9.8.1 Overview
9.8.2 Financial Services: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.9 Technology and Telecommunication
9.9.1 Overview
9.9.2 Technology and Telecommunication: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.10 Transportation
9.10.1 Overview
9.10.2 Transportation: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.11 Others
9.11.1 Overview
9.11.2 Others: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10. Asia Pacific Trade Credit Insurance Market – Country Analysis
10.1 Asia Pacific Trade Credit Insurance Market Overview
10.1.1 Asia Pacific Trade Credit Insurance Market Breakdown, by Key Countries, 2023 and 2031 (%)
10.1.1.1 Asia Pacific Trade Credit Insurance Market – Revenue and Forecast Analysis – by Country
10.1.1.2 China: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 China: Asia Pacific Trade Credit Insurance Market Breakdown, by Enterprise Size
10.1.1.2.2 China: Asia Pacific Trade Credit Insurance Market Breakdown, by Application
10.1.1.2.3 China: Asia Pacific Trade Credit Insurance Market Breakdown, by End User
10.1.1.3 Japan: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 Japan: Asia Pacific Trade Credit Insurance Market Breakdown, by Enterprise Size
10.1.1.3.2 Japan: Asia Pacific Trade Credit Insurance Market Breakdown, by Application
10.1.1.3.3 Japan: Asia Pacific Trade Credit Insurance Market Breakdown, by End User
10.1.1.4 South Korea: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.4.1 South Korea: Asia Pacific Trade Credit Insurance Market Breakdown, by Enterprise Size
10.1.1.4.2 South Korea: Asia Pacific Trade Credit Insurance Market Breakdown, by Application
10.1.1.4.3 South Korea: Asia Pacific Trade Credit Insurance Market Breakdown, by End User
10.1.1.5 India: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.5.1 India: Asia Pacific Trade Credit Insurance Market Breakdown, by Enterprise Size
10.1.1.5.2 India: Asia Pacific Trade Credit Insurance Market Breakdown, by Application
10.1.1.5.3 India: Asia Pacific Trade Credit Insurance Market Breakdown, by End User
10.1.1.6 Australia: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.6.1 Australia: Asia Pacific Trade Credit Insurance Market Breakdown, by Enterprise Size
10.1.1.6.2 Australia: Asia Pacific Trade Credit Insurance Market Breakdown, by Application
10.1.1.6.3 Australia: Asia Pacific Trade Credit Insurance Market Breakdown, by End User
10.1.1.7 Rest of APAC: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.7.1 Rest of APAC: Asia Pacific Trade Credit Insurance Market Breakdown, by Enterprise Size
10.1.1.7.2 Rest of APAC: Asia Pacific Trade Credit Insurance Market Breakdown, by Application
10.1.1.7.3 Rest of APAC: Asia Pacific Trade Credit Insurance Market Breakdown, by End User
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions
13. Company Profiles
13.1 Allianz Trade
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 COFACE SA
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 American International Group, Inc
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Chubb Ltd
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 QBE Insurance Group Ltd
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Aon plc
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Credendo
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Atradius NV
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Zurich Insurance Group AG
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Great American Insurance Company
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
List of Tables
Table 1. Asia Pacific Trade Credit Insurance Market Segmentation
Table 2. List of Vendors
Table 3. Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 5. Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 6. Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 7. Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 8. China: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 9. China: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 10. China: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 11. Japan: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 12. Japan: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 13. Japan: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 14. South Korea: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 15. South Korea: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 16. South Korea: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 17. India: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 18. India: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 19. India: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 20. Australia: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 21. Australia: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 22. Australia: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 23. Rest of APAC: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 24. Rest of APAC: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 25. Rest of APAC: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 26. List of Abbreviation
List of Figures
Figure 1. Asia Pacific Trade Credit Insurance Market Segmentation, by Country
Figure 2. Ecosystem: Trade Credit Insurance Market
Figure 3. Asia Pacific Trade Credit Insurance Market – Key Market Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Asia Pacific Trade Credit Insurance Market Revenue (US$ Million), 2021–2031
Figure 6. Asia Pacific Trade Credit Insurance Market Share (%) – by Enterprise Size (2023 and 2031)
Figure 7. Large Enterprises: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. SMEs: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Asia Pacific Trade Credit Insurance Market Share (%) – by Application (2023 and 2031)
Figure 10. International: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Domestic: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Asia Pacific Trade Credit Insurance Market Share (%) – by End User (2023 and 2031)
Figure 13. Energy: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Automotive: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Aerospace: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Chemicals: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Metals: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Agriculture: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. Food and Beverages: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. Financial Services: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Technology and Telecommunication: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Transportation: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. Others: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 24. Asia Pacific Trade Credit Insurance Market Breakdown, by Key Countries – Revenue (2023) (US$ Million)
Figure 25. Asia Pacific Trade Credit Insurance Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 26. China: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 27. Japan: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 28. South Korea: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 29. India: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 30. Australia: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 31. Rest of APAC: Asia Pacific Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 32. Heat Map Analysis by Key Players
Figure 33. Company Positioning & Concentration
- Allianz Trade
- COFACE SA
- Credendo
- American International Group Inc
- Chubb Ltd
- QBE Insurance Group Ltd
- Aon Plc
- Atradius NV
- Zurich Insurance Group AG
- Great American Insurance Company
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific trade credit insurance market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific trade credit insurance market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the Asia Pacific trade credit insurance market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.