The global trade credit insurance market reached a premium volume of £11.2bn in 2022, covering insured shipments valued at just over £5.6trn, with a penetration rate of 13.16% of world trade as measured by the World Bank. This is amongst the findings of analysis carried out by ICISA, which suggests that private market participants, particularly ICISA members, contribute 69% of this protection.
Whilst these numbers convey the significant value the trade credit insurance industry brings to the real economy, they also underscore a substantial protection gap, likely affecting smaller businesses, especially outside of Europe where the product is less established, according to the association.
The International Credit Insurance & Surety Association aims to help governments, regulators, businesses, financing institutions, and society at large understand the workings of trade credit insurance and its potential in bridging protection disparities.
Image courtesy: Port of Dover
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