mobile phone insurance market
The mobile phone insurance market was estimated to be worth around USD 23.3 billion in 2020 and is expected to grow at a CAGR of 12.6% over the forecast period (2021-2028). and is expected to reach USD 60.2 billion in 2028
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Factors driving the growth of mobile phone insurance market include increasing penetration of smartphones globally, rising incidents of accidental damage, phone thefts and device malfunctions, marketing of 5G technology and improved living standards. According to the report released by the Federal Communications Commission (FCC), an estimated 3.1 million people in the United States were victims of smartphone theft in 2013, nearly double the number reported in 2012, driving demand for global mobile phone insurance solutions. Additionally, the emerging need to replace the cost of various parts of mobile phones, the increasing number of digital transactions across the globe, the growing adoption of Business Intelligence (BI) tools by large enterprises, and rapid urbanization, are some of the additional factors supplementing mobile phone insurance. The size of the market. Furthermore, increasing investments by large companies in research and development, increase in the launch of innovative products, and rising population growth rates are further contributing to the growth of the market.
However, the growth of the mobile phone insurance market is hampered due to the complexity of claims procedures.
The major players operating in the market are Vodafone Group Plc, N26 GmbH, Assurant, Inc., SquareTrade, Inc., Apple Inc., AT&T Inc., American International Group, Inc., AmTrust Financial, Brightstar Corp. and GoTrade, LLC. , among others.
Based on coverage, the physical damage segment is expected to grow at a robust CAGR during the forecast period
Risks such as cracks in the circuit board, damaged screens and damaged housings, as well as the increasing availability of a direct-to-consumer insurance support model, are some of the factors driving growth. of the segment.
Based on phone type, the high-end smartphone segment is expected to grow at a significant CAGR during the forecast period
The high cost of repairing high-end smartphones and the risks associated with technical damage and software malfunctions are driving the growth of the segment.
Based on region, Asia Pacific region is expected to grow at a remarkable CAGR during the forecast period
Rising demand for high-end smartphones in India, China and Thailand, rising concerns over malfunctioning software, rapid industrialization, increasing number of digital transactions and high population growth rates are some of the factors. that are increasing the mobile phone insurance market share in the Asia-Pacific region.
In 2021, N26 GmbH introduced the N26 smartphone insurance plan to provide insurance products accessible from the company’s mobile app and website. The smartphone insurance plan is mainly for German customers and the insurance prices vary depending on the cost of the phone.
Segmentation by coverage
Failure of an internal component
Protection against theft and loss
Viruses and data protection
Segmentation by phone type
Mid-range and high-end phones
Segmentation by region
Rest of APAC
the United States of America
The rest of Europe
United Arab Emirates
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This press release was published on openPR.