Mobile phone insurance is a type of coverage that provides financial protection to smartphones against various risks. These risks can include accidental damage, theft, loss, or even certain types of unauthorized usage. It ensures that you can repair or replace your phone without bearing the full financial burden. Insurance often includes fast repair or replacement services, also reduces the financial impact of replacing or repairing a damaged or lost phone.
The mobile phone insurance market consists of sales, by entities (organizations, sole traders and partnerships) of mobile phone insurance that is primarily utilized by owners of mobile devices, including smartphones, feature phones and other wireless communication tools. It is commonly used when phones are purchased, either as part of a bundled offering with the device or through a standalone policy acquired later.
The global mobile phone insurance market was valued at $28,274.39 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 4.00%.
Rising Incidents Of Phone Thefts
The increasing incidents of phone thefts propelled the growth of the mobile phone insurance market. Phone theft refers to the criminal act of stealing or unlawfully taking possession of someone else's mobile phone or smartphone device. Phone theft victims often use mobile phone insurance to recover the financial loss incurred due to the stolen device. Mobile phone insurance provides coverage for the replacement or repair costs of the stolen phone, offering a practical solution to mitigate the financial impact of theft. For instance, in December 2023, according to the London Metropolitan Police, a UK-based police service department, 90,864 phones were stolen in 2022, equating to 249 phones stolen each day. Therefore, the increasing incidents of phone theft supported the growth of the mobile phone insurance market.
Mobile Phone Insurance To Address Growing Demand For Device Protection
Companies operating in the mobile phone insurance market are curating insurance packages that cover mobile phone damage. These packages often come with additional benefits such as device replacement, repair services and extended warranty options, tailored to meet the diverse needs of modern smartphone users. For instance, in May 2024, Econet Insurance, a Zimbabwe-based innovative short-term insurance solutions provider, launched a new insurance package specifically designed to cover mobile phone damage, named Moovah Mobile Phone Insurance. This initiative aims to address the growing need for protection against accidental damage, such as cracks, shattered screens and other impact-related issues that can disrupt daily life for users who rely heavily on their mobile devices. The policy allows for a maximum of two claims per device within a 12-month period and includes exclusions for intentional damage, pre-existing conditions and negligence. Insurance is available for mobile phones up to three years old from the date of manufacture.
The global mobile phone insurance market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 13.95% of the total market in 2023.
Mobile Phone Insurance Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global mobile phone insurance market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for mobile phone insurance? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The mobile phone insurance market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider mobile phone insurance market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by phone type, by coverage, by distribution channel and by end user.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the mobile phone insurance market.
- Global Market Size And Growth- Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by phone type, by coverage, by distribution channel and by end user in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations This section includes recommendations for mobile phone insurance providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Phone Type: Budget Phones; Mid And High-End Phones: Premium Smartphones
- 2) By Coverage: Physical Damage; Internal Component Failure; Theft And Loss Protection; Virus And Data Protection; Other Coverages
- 3) By Distribution Channel: Mobile Operators; Device OEMs (Original Equipment Manufacturers); Retailers; Online; Other Distribution Channels
4) By End User; Corporate; Personal
- Companies Mentioned: Asurion LLC.; Apple Inc.; Allianz SE; Allstate; AmTrust Financial Services Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; mobile phone insurance indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.