Credit Insurance success techniques that can grow your business with high revenue
Political as well as regulatory disruptions around the world have caused a paradigm shift in the method trade is being carried out globally. Businesses today are driven by higher innovation arising from increasing consumer expectations to stay competitive in the market, whereas the new entrants look to disrupt the traditional businesses and garner market share from incumbent players. This has led to high uncertainties regarding the sustainability of a particular business and therefore, the need to ensure a business for recovering losses in case any has become mandatory for businesses today.
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The global Credit Insurance market is anticipated accounted to US$ 8.64 Bn in 2017 and is expected to grow at a CAGR of 2.9% during the forecast period 2018 - 2025, to account to US$ 10.77 Bn by 2025. Growth in the recent five years is primarily driven by two major factors, unstable macroeconomic factors that are influencing the growth of credit insurance, and improving sales & accounts receivable support benefits to accentuate the demand for credit insurance.
Key players in the market are in cashing the opportunity to gain maximum benefit from on the opportunities in emerging markets. Some of the major players in the credit insurance market include Atradius N.V., Coface, Zurich Insurance Group Ltd., Euler Hermes, Credendo Group, QBE Insurance Ltd., Cesce, American International Group Inc., Export Development Canada, and China Export & Credit Insurance Corporation (Sinosure) among others. Various other companies also operate in the global market, with enhanced products and services and significant customer base.
The insurance premium greatly varies on the political, economic and technological scenario in the countries. Liberalization of the markets, as well as an increase in cross-border shipments across the globe, are the two prime factors that have led to increasing market attractiveness for the credit insurance in the domestic trade as well as international trade arena.
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