Europe 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 Europe trade credit insurance market was valued at US$ 5,296.59 million in 2023 and is expected to reach US$ 11,108.01 million by 2031; it is estimated to register a CAGR of 9.7% from 2023 to 2031.
Surge in Business Insolvencies Drives Europe Trade Credit Insurance Market
Business insolvency occurs when a company fails to meet its financial obligations or pay its due bills, which can lead to bankruptcy or legal proceedings. The increasing cases of business insolvencies surge the adoption of trade credit insurance among businesses to safeguard them against insolvency and maintain cash flow. For instance, according to the Allianz Trade report published in February 2024, the number of bankruptcies grew by 7% in 2023, and it is expected to increase by 9% by the end of 2024. The company also predicts that the number of bankruptcies worldwide is projected to remain high by the end of 2025; this is due to delays in construction and real estate projects. Similarly, according to The Group Coface data published on April 2024, the insolvencies rate in Central & Eastern Europe (CEE) countries was highly significant in 2023. These countries witnessed approximately 38.6% rise in insolvency records from 2022 to 2023 owing to the consequences of Russia's invasion of Ukraine across the region. The growing cases of insolvencies in CEE countries are associated with low economic performance, which is caused by disrupting supply chains, geographical proximity, labor shortages, surges in energy prices, and high input costs. This increases the demand for trade credit insurance among businesses across construction, real estate, hospitality, transport, and retail industries to decrease concentration risk, reduce bad debt reserves, and maintain cash flow. Trade credit insurance also helps businesses by protecting their disrupted cash flows. Thus, the increasing cases of business insolvencies drive the Europe trade credit insurance market.
Europe Trade Credit Insurance Market Overview
The Europe trade credit insurance market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. Businesses in Europe are facing a high number of insolvencies associated with financial instability; also, they are experiencing a risk of recession that created supply chain complexities. These factors are driving the market in Europe as businesses are highly demanding and adopting trade credit insurance to make timely payments by improving customer relationships. For instance, according to a report published by Allianz Trade in April 2023, the insolvency rate in Western Europe has increased by 20% in 2023 for the third consecutive year (5% in 2020, 22% in 2021, and 3% in 2022). This makes Western Europe a major contributor to the Europe trade credit insurance market. Similarly, according to COFACE SA data of April 2024, Central & Eastern Europe has also observed a 38% increase in insolvency proceedings from 2022 to 2023. Moreover, the high cases of business bankruptcies increase the demand for trade credit insurance for credit controlling, reducing bad debt, and enhancing working capital, which drives the market. For instance, according to European Union (EU) data published on April 2023, the number of bankruptcy declarations of EU businesses increased for the sixth quarter in the second quarter of 2023, as compared to the previous quarter. The number of bankruptcies increased by 8.4% in Europe from 2015 to the second quarter of 2023.
Europe Trade Credit Insurance Market Revenue and Forecast to 2031 (US$ Million)
Europe Trade Credit Insurance Market Segmentation
The Europe trade credit insurance market is categorized into enterprise size, application, end user, and country.
Based on enterprise size, the Europe 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 Europe trade credit insurance market is bifurcated into international and domestic. The international segment held a larger market share in 2023.
By application, the Europe 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 energy segment held the largest market share in 2023.
By country, the Europe trade credit insurance market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. Germany dominated the Europe trade credit insurance market share in 2023.
Allianz Trade, American International Group Inc, Aon Plc, Atradius NV, Chubb Ltd, COFACE SA, Credendo, Great American Insurance Company, QBE Insurance Group Ltd, and Zurich Insurance Group AG are some of the leading companies operating in the Europe 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. Europe Trade Credit Insurance Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in the Value Chain
5. Europe 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 SMEs
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 – Europe Market Analysis
6.1 Europe Trade Credit Insurance Market Revenue (US$ Million), 2021–2031
6.2 Europe Trade Credit Insurance Market Forecast Analysis
7. Europe Trade Credit Insurance Market Analysis – by Enterprise Size
7.1 Large Enterprises
7.1.1 Overview
7.1.2 Large Enterprises: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
7.2 SMEs
7.2.1 Overview
7.2.2 SMEs: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
8. Europe Trade Credit Insurance Market Analysis – by Application
8.1 International
8.1.1 Overview
8.1.2 International: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Domestic
8.2.1 Overview
8.2.2 Domestic: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9. Europe Trade Credit Insurance Market Analysis – by End User
9.1 Energy
9.1.1 Overview
9.1.2 Energy: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Automotive
9.2.1 Overview
9.2.2 Automotive: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Aerospace
9.3.1 Overview
9.3.2 Aerospace: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.4 Chemicals
9.4.1 Overview
9.4.2 Chemicals: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.5 Metals
9.5.1 Overview
9.5.2 Metals: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.6 Agriculture
9.6.1 Overview
9.6.2 Agriculture: Europe 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: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.8 Financial Services
9.8.1 Overview
9.8.2 Financial Services: Europe 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: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.10 Transportation
9.10.1 Overview
9.10.2 Transportation: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.11 Others
9.11.1 Overview
9.11.2 Others: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10. Europe Trade Credit Insurance Market – Country Analysis
10.1 Europe Trade Credit Insurance Market Overview
10.1.1 Europe Trade Credit Insurance Market – Revenue and Forecast Analysis – by Country
10.1.1.1 Europe Trade Credit Insurance Market – Revenue and Forecast Analysis – by Country
10.1.1.2 Germany: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 Germany: Europe Trade Credit Insurance Market Breakdown, by Enterprise Size
10.1.1.2.2 Germany: Europe Trade Credit Insurance Market Breakdown, by Application
10.1.1.2.3 Germany: Europe Trade Credit Insurance Market Breakdown, by End User
10.1.1.3 France: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 France: Europe Trade Credit Insurance Market Breakdown, by Enterprise Size
10.1.1.3.2 France: Europe Trade Credit Insurance Market Breakdown, by Application
10.1.1.3.3 France: Europe Trade Credit Insurance Market Breakdown, by End User
10.1.1.4 United Kingdom: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.4.1 United Kingdom: Europe Trade Credit Insurance Market Breakdown, by Enterprise Size
10.1.1.4.2 United Kingdom: Europe Trade Credit Insurance Market Breakdown, by Application
10.1.1.4.3 United Kingdom: Europe Trade Credit Insurance Market Breakdown, by End User
10.1.1.5 Italy: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.5.1 Italy: Europe Trade Credit Insurance Market Breakdown, by Enterprise Size
10.1.1.5.2 Italy: Europe Trade Credit Insurance Market Breakdown, by Application
10.1.1.5.3 Italy: Europe Trade Credit Insurance Market Breakdown, by End User
10.1.1.6 Russia: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.6.1 Russia: Europe Trade Credit Insurance Market Breakdown, by Enterprise Size
10.1.1.6.2 Russia: Europe Trade Credit Insurance Market Breakdown, by Application
10.1.1.6.3 Russia: Europe Trade Credit Insurance Market Breakdown, by End User
10.1.1.7 Rest of Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.7.1 Rest of Europe Trade Credit Insurance Market Breakdown, by Enterprise Size
10.1.1.7.2 Rest of Europe Trade Credit Insurance Market Breakdown, by Application
10.1.1.7.3 Rest of Europe 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. Europe Trade Credit Insurance Market Segmentation
Table 2. List of Vendors
Table 3. Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 5. Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 6. Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 7. Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 8. Germany: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 9. Germany: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 10. Germany: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 11. France: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 12. France: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 13. France: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 14. United Kingdom: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 15. United Kingdom: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 16. United Kingdom: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 17. Italy: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 18. Italy: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 19. Italy: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 20. Russia: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 21. Russia: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 22. Russia: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 23. Rest of Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 24. Rest of Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 25. Rest of Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 26. List of Abbreviation
List of Figures
Figure 1. Europe Trade Credit Insurance Market Segmentation, by Country
Figure 2. Ecosystem: Europe Trade Credit Insurance Market
Figure 3. Europe Trade Credit Insurance Market – Key Market Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Europe Trade Credit Insurance Market Revenue (US$ Million), 2021–2031
Figure 6. Europe Trade Credit Insurance Market Share (%) – by Enterprise Size (2023 and 2031)
Figure 7. Large Enterprises: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. SMEs: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Europe Trade Credit Insurance Market Share (%) – by Application (2023 and 2031)
Figure 10. International: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Domestic: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Europe Trade Credit Insurance Market Share (%) – by End User (2023 and 2031)
Figure 13. Energy: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Automotive: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Aerospace: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Chemicals: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Metals: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Agriculture: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. Food and Beverages: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. Financial Services: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Technology and Telecommunication: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Transportation: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. Others: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 24. Europe Trade Credit Insurance Market Breakdown, by Key Countries – Revenue (2023) (US$ Million)
Figure 25. Europe Trade Credit Insurance Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 26. Germany: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 27. France: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 28. United Kingdom: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 29. Italy: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 30. Russia: Europe Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 31. Rest of Europe 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
- American International Group Inc
- Aon Plc
- Atradius NV
- Chubb Ltd
- COFACE SA
- Credendo
- Great American Insurance Company
- QBE Insurance Group Ltd
- Zurich Insurance Group AG
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