Supply chain finance (SCF) solutions open financing channels for small and medium-sized suppliers. However, in uncertain market conditions, payment defaults by supply chain members may affect SCF systems sustainability. To mitigate default risks, financial service providers utilize loan credit insurance (LCI) to transfer the risk to insurers. LCI, purchased by lenders, covers unpaid losses resulting from debtor insolvency, bankruptcy, or political upheaval. In case retailers fail to meet payment obligations, insurers will compensate the lender within the policy terms. Using a game-theoretical approach, we examine LCI’s value for lenders and capital-constrained suppliers. We find that lenders benefit from LCI with higher insurance deductibles and lower insurer loading factors. Moreover, capital-constrained suppliers with higher capital investments and lower production costs can benefit from LCI. Furthermore, suppliers are more likely to obtain extra profits when the insurance scale and loading factor are relatively low. However, when the insurance scale and loading factor are relatively high, the supplier’s capacity investment efficiency is greater. Numerical analysis indicates that LCI with relatively high coverage is advantageous for lenders, particularly full coverage. Another numerical finding is that when the insurance scale is large and the loading factor is high, suppliers achieve greater cost contribution efficiency. Our study highlights LCI’s value in capital-constrained supply chains, benefiting both lenders and suppliers by enhancing profits and encouraging suppliers to increase capital investment and reduce costs. It underscores the role of lender-purchased credit insurance in SCF risk management, providing theoretical support and practical guidance for LCI implementations in commercial financial institutions.

供应链金融（SCF）解决方案为中小型供应商打开融资渠道。然而，在不确定的市场条件下，供应链成员的付款违约可能会影响供应链金融系统的可持续性。为了降低违约风险，金融服务提供商利用贷款信用保险（LCI）将风险转移给保险公司。 LCI 由贷方购买，涵盖因债务人资不抵债、破产或政治动乱而造成的未偿损失。如果零售商未能履行付款义务，保险公司将在保单条款内向贷方进行赔偿。使用博弈论方法，我们研究了 LCI 对贷方和资金有限的供应商的价值。我们发现，贷款人可以从生命周期保险中受益，因为保险免赔额更高，保险公司负担系数更低。此外，资金有限、资本投资较高、生产成本较低的供应商可以从生命周期清单中受益。此外，当保险规模和装载率相对较低时，供应商更有可能获得额外利润。然而，当保险规模和装载率较高时，供应商的产能投资效率更大。数值分析表明，覆盖率较高的生命周期清单对贷方有利，尤其是全覆盖。另一个数值发现是，当保险规模较大、承保系数较高时，供应商的成本贡献效率更高。我们的研究强调了 LCI 在资本有限的供应链中的价值，通过提高利润并鼓励供应商增加资本投资和降低成本，使贷方和供应商都受益。强调了贷款人购买信用保险在供应链金融风险管理中的作用，为商业金融机构实施信用保险提供理论支持和实践指导。