PUBLISHER: The Business Research Company | PRODUCT CODE: 1731049
PUBLISHER: The Business Research Company | PRODUCT CODE: 1731049
Theft Insurance is a type of coverage that offers financial protection for individuals or businesses against losses resulting from the theft of property, assets, or valuables. It typically reimburses the policyholder for stolen items, damage caused by theft, and, in some cases, associated costs such as repairs or legal fees.
The main types of theft covered by theft insurance include bank fraud, credit card fraud, phone and utilities fraud, employment and tax-related fraud, and others. Bank fraud involves the illegal acquisition of money, assets, or property from a bank through deceptive practices, such as forgery, identity theft, or unauthorized access. Theft insurance is available through multiple distribution channels, including direct sales, online platforms, agents and brokers, and bancassurance. This coverage is used by both individuals and businesses.
The theft insurance market research report is one of a series of new reports from The Business Research Company that provides theft insurance market statistics, including the theft insurance industry global market size, regional shares, competitors with the theft insurance market share, detailed theft insurance market segments, market trends, and opportunities, and any further data you may need to thrive in the theft insurance industry. This theft insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The theft insurance market size has grown rapidly in recent years. It will grow from $0.99 billion in 2024 to $1.15 billion in 2025 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to increasing crime rates and burglary incidents, heightened awareness of theft insurance, expansion of urbanization, a rise in automobile theft cases, and the growing number of high-value personal assets.
The theft insurance market size is expected to see rapid growth in the next few years. It will grow to $2.05 billion in 2029 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to rising vehicle ownership, increased demand for cyber-theft insurance, heightened focus on climate-related theft risks, expanding insurance penetration in emerging markets, and rising disposable incomes. Major trends in this period include advancements in risk assessment technologies, the integration of blockchain for policy issuance, the personalization of insurance plans, the integration of theft insurance with smart home security, and the adoption of parametric insurance models.
The increasing adoption of electronic identification (e-ID) is expected to drive the growth of the theft insurance market. Electronic identification is a digital method of confirming a person's identity using electronic credentials, enabling secure access to services and transactions. As the demand for secure and convenient identity verification in digital interactions grows, electronic identification helps ensure compliance with regulatory standards while reducing fraud risks. Theft insurance plays a vital role in enhancing the security of electronic identification by encouraging businesses to adopt advanced identification technologies such as biometric authentication and RFID tracking to prevent fraud and streamline claims processing. For example, in December 2023, the Namirial Group, an Italy-based software company, reported that Italy's digital identity user rate had reached 61%, marking a 7% increase from the previous year. Therefore, the rise in the adoption of electronic identification is contributing to the growth of the theft insurance market.
Companies in the theft insurance market are focusing on developing innovative solutions such as cloud-based protection to enhance security, improve real-time monitoring, and prevent unauthorized access. Cloud-based protection improves cybersecurity by offering scalability, continuous updates, and remote accessibility. It is commonly used for endpoint security, data loss prevention, threat intelligence, and web security. For example, in March 2024, HSB Group, a U.S.-based insurance company, introduced cyber insurance for automobiles. This coverage protects vehicle owners against cyber threats such as hacking, ransomware, and identity theft. It also covers personal data stored in connected vehicles and cloud systems. The policy provides financial support for cyberattacks, malware, and system restoration, along with identity recovery services and benefits such as towing and temporary transportation.
In April 2023, Hyundai Motor America, a U.S.-based luxury vehicle manufacturer, partnered with AAA Life Insurance Company. This collaboration aims to address the impact of vehicle theft by offering insurance coverage options for Hyundai customers affected by a theft method popularized on social media. The goal is to ensure that customers can secure and maintain auto insurance. AAA Life Insurance Company is a U.S.-based agency specializing in providing insurance policies, including theft insurance.
Major players in the theft insurance market are The Travelers Companies Inc., Visa Inc., HDFC Bank Ltd., ICICI Bank, DBS Bank, Emirates NBD, Lloyds Bank, Citizens Financial Group Inc., Axis Bank, Kotak Mahindra Bank Limited., Canara Bank, IndusInd Bank, IDFC FIRST Bank, Central Bank, State Bank Of India, Bandhan Bank, YES BANK, AU Small Finance Bank Limited, Signifyd, Patriot Bank
North America was the largest region in the theft insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in theft insurance report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the theft insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The theft insurance market includes revenues earned by entities by providing services such as home theft insurance, auto theft insurance, business theft insurance, jewelers and valuables insurance, and cyber theft insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Theft Insurance Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on theft insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for theft insurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The theft 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 historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.