Middle East & Africa 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 Middle East & Africa trade credit insurance market was valued at US$ 1,562.16 million in 2023 and is expected to reach US$ 2,710.62 million by 2031; it is estimated to register a CAGR of 7.1% from 2023 to 2031.
Significant Initiatives to Promote AI use in Trade Credit Insurance Solutions Bolster Middle East & Africa Trade Credit Insurance Market
Companies and associations in the trade credit insurance market are organizing various conferences and webinars to create awareness related to the impact of AI use on trade credit insurance. For instance, the International Credit Insurance & Surety Association (ICISA) organized the third edition of the ICISA Trade Credit Insurance Week from October 7 to 10, 2024. This global virtual event emphasized the crucial role that Trade Credit Insurance (TCI) plays in supporting businesses, especially SMEs, in today's rapidly evolving economic landscape. Several market players, policymakers, media, practitioners, other trade associations, and users participate in the webinar to create awareness regarding the impact of AI use on trade credit insurance. For example, Tinubu Square SA’s CEO and co-founder, Olivier Placca, participated in the ICISA Trade Credit Insurance Week 2023 webinar to address the usage and advantages of AI-based trade credit insurance solutions. This webinar mainly focuses on the transformative potential of AI-driven solutions in the market. Further, AI has the potential and capability to revolutionize the field of trade credit insurance underwriting. AI-based solutions ensure compliance with regulatory standards and generate relevant data to support users in optimizing processes with enhanced efficiency. Also, the ICISA Trade Credit Insurance Week 2023 webinar explored key topics such as advancing underwriting practices, harnessing data for informed decisions, enhancing operational efficiency, and navigating regulatory changes to create awareness about the positive impact of AI on the adoption of trade credit insurance worldwide. Hence, significant initiatives to promote AI use in trade credit insurance solutions are expected to create various opportunities in the trade credit insurance market during the forecast period.
Middle East & Africa Trade Credit Insurance Market Overview
The trade credit insurance market in the Middle East & Africa is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The increasing cases of business insolvencies in the Middle East & Africa fuel the demand for trade credit insurance to protect themselves against financial risks. For instance, according to Allianz Trade, the insolvency rate in the region has increased by 44%, with countries such as Turkey and Poland observing growth of over 50% and 18%, respectively, in 2023. Trade credit insurance supports businesses in proper financing, improving cash flow and sales, identifying potential losses, and protecting them against financial risks. Thus, the growing cases of business insolvencies and rising awareness related to the significant benefits offered by trade credit insurance fuels the market growth.
Middle East & Africa Trade Credit Insurance Market Revenue and Forecast to 2031 (US$ Million)
Middle East & Africa Trade Credit Insurance Market Segmentation
The Middle East & Africa trade credit insurance market is categorized into enterprise size, application, end user, and country.
Based on enterprise size, the Middle East & Africa 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 Middle East & Africa trade credit insurance market is bifurcated into international and domestic. The international segment held a larger market share in 2023.
By application, the Middle East & Africa 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 Middle East & Africa trade credit insurance market is segmented into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa trade credit insurance market share in 2023.
Allianz Trade, American International Group Inc, Aon Plc, Atradius NV, Chubb Ltd, COFACE SA, 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. Middle East & Africa Trade Credit Insurance Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in the Value Chain
5. Middle East & Africa 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 – Middle East & Africa Analysis
6.1 Overview
6.2 Middle East & Africa Trade Credit Insurance Market Revenue (US$ Million), 2021–2031
6.3 Middle East & Africa Trade Credit Insurance Market Forecast Analysis
7. Middle East & Africa Trade Credit Insurance Market Analysis – by Enterprise Size
7.1 Large Enterprises
7.1.1 Overview
7.1.2 Large Enterprises: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
7.2 SMEs
7.2.1 Overview
7.2.2 SMEs: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
8. Middle East & Africa Trade Credit Insurance Market Analysis – by Application
8.1 International
8.1.1 Overview
8.1.2 International: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Domestic
8.2.1 Overview
8.2.2 Domestic: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9. Middle East & Africa Trade Credit Insurance Market Analysis – by End User
9.1 Energy
9.1.1 Overview
9.1.2 Energy: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Automotive
9.2.1 Overview
9.2.2 Automotive: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Aerospace
9.3.1 Overview
9.3.2 Aerospace: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.4 Chemicals
9.4.1 Overview
9.4.2 Chemicals: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.5 Metals
9.5.1 Overview
9.5.2 Metals: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.6 Agriculture
9.6.1 Overview
9.6.2 Agriculture: Middle East & Africa 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: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.8 Financial Services
9.8.1 Overview
9.8.2 Financial Services: Middle East & Africa 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: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.10 Transportation
9.10.1 Overview
9.10.2 Transportation: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
9.11 Others
9.11.1 Overview
9.11.2 Others: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10. Middle East & Africa Trade Credit Insurance Market – Country Analysis
10.1 Middle East and Africa Trade Credit Insurance Market - Overview
10.1.1 Middle East & Africa Trade Credit Insurance Market Breakdown, by Key Countries, 2023 and 2031 (%)
10.1.1.1 Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast Analysis – by Country
10.1.1.2 Saudi Arabia: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 Saudi Arabia: Middle East & Africa Trade Credit Insurance Market Breakdown, by Enterprise Size
10.1.1.2.2 Saudi Arabia: Middle East & Africa Trade Credit Insurance Market Breakdown, by Application
10.1.1.2.3 Saudi Arabia: Middle East & Africa Trade Credit Insurance Market Breakdown, by End User
10.1.1.3 UAE: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 UAE: Middle East & Africa Trade Credit Insurance Market Breakdown, by Enterprise Size
10.1.1.3.2 UAE: Middle East & Africa Trade Credit Insurance Market Breakdown, by Application
10.1.1.3.3 UAE: Middle East & Africa Trade Credit Insurance Market Breakdown, by End User
10.1.1.4 South Africa: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.4.1 South Africa: Middle East & Africa Trade Credit Insurance Market Breakdown, by Enterprise Size
10.1.1.4.2 South Africa: Middle East & Africa Trade Credit Insurance Market Breakdown, by Application
10.1.1.4.3 South Africa: Middle East & Africa Trade Credit Insurance Market Breakdown, by End User
10.1.1.5 Rest of Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.5.1 Rest of Middle East & Africa Trade Credit Insurance Market Breakdown, by Enterprise Size
10.1.1.5.2 Rest of Middle East & Africa Trade Credit Insurance Market Breakdown, by Application
10.1.1.5.3 Rest of Middle East & Africa 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. Middle East & Africa Trade Credit Insurance Market Segmentation
Table 2. List of Vendors
Table 3. Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 5. Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 6. Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 7. Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 8. Saudi Arabia: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 9. Saudi Arabia: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 10. Saudi Arabia: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 11. UAE: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 12. UAE: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 13. UAE: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 14. South Africa: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 15. South Africa: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 16. South Africa: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 17. Rest of Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 18. Rest of Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 19. Rest of Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 20. List of Abbreviation
List of Figures
Figure 1. Middle East & Africa Trade Credit Insurance Market Segmentation, by Country
Figure 2. Ecosystem: Trade Credit Insurance Market
Figure 3. Middle East & Africa Trade Credit Insurance Market – Key Market Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Middle East & Africa Trade Credit Insurance Market Revenue (US$ Million), 2021–2031
Figure 6. Middle East & Africa Trade Credit Insurance Market Share (%) – by Enterprise Size (2023 and 2031)
Figure 7. Large Enterprises: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. SMEs: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Middle East & Africa Trade Credit Insurance Market Share (%) – by Application (2023 and 2031)
Figure 10. International: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Domestic: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Middle East & Africa Trade Credit Insurance Market Share (%) – by End User (2023 and 2031)
Figure 13. Energy: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Automotive: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Aerospace: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Chemicals: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Metals: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Agriculture: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. Food and Beverages: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. Financial Services: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Technology and Telecommunication: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Transportation: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. Others: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 24. Middle East & Africa Trade Credit Insurance Market Breakdown, by Key Countries – Revenue (2023) (US$ Million)
Figure 25. Middle East & Africa Trade Credit Insurance Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 26. Saudi Arabia: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 27. UAE: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 28. South Africa: Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 29. Rest of Middle East & Africa Trade Credit Insurance Market – Revenue and Forecast to 2031 (US$ Million)
Figure 30. Heat Map Analysis by Key Players
Figure 31. 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 Middle East & Africa 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 Middle East & Africa 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 Middle East & Africa market trends and outlook coupled with the factors driving the Middle East & Africa 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.