Mobile Phone Insurance Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Coverage, Sales Channel, Phone Type and End User,” the market value is projected to reach US$ 53,161.84 million by 2028 from US$ 27,291.83 million in 2021; the market is expected to grow at a CAGR of 10.4% from 2022 to 2028.
Simplification of Insurance Claiming Procedure Drives Mobile Phone Insurance Market Growth
The terms and conditions of the insurance market are often very critical, which pushes the customers to fail to recall the claiming procedures altogether. Some sellers offer a defined coverage plan with a fixed premium amount regardless of the smartphone type. On the contrary, other sellers have different premiums/amounts to be paid for different coverage needed by the customers. At times, the coverage and the premium/amount differ according to the devices, that is, iOS or Android-based phones, which increases uncertainty among customers regarding the uptake of mobile phone insurance. Due to this, insurers are focusing on simplifying their terms and conditions and covering the maximum possible insurance policies under one premium amount. This initiative by the insurance sellers or insurers is expected to help the customers clearly understand the terms and conditions and the claiming procedure in the near future. The simplification of the claiming procedure through clear terms and conditions is anticipated to increase the uptake of mobile phone insurance plans among customers in developed countries and developing economies of this region in the coming years.
The Mobile Phone Insurance Market is experiencing significant growth with innovations and upgrading of policies and schemes by the market players and the procurement of insurance policies for future. The market consists of some well-established players across the region along with small firms offering single coverage type. The mobile phone insurance market is concentrated with mobile network operators, device OEMs, retailers, and others. These market participants enhance their schemes as per the requirements of customers.
Key Players Influencing the Market
- American International Group, Inc.
- Apple Inc.
- AT&T Inc.
- Aviva insurance Limited
- Better Buy Insurance
- Gadget Cover
- Insurance2go
- Pier Insurance Managed Services Ltd.
- Telefónica UK Limited
- AQILO Business Consulting GmbH
- Square Trade Inc.
- Switched On Insurance
In North America, the US, Canada, and Mexico are the key countries generating demand for smartphones. A rise in demand for mobile phone insurance against mechanical damage, accidental damage, or malicious and liquid damage to phones; theft; and unauthorized access puts pressure on insurance companies to invest in the development of less common products, offer more coverage. In recent years, there has been a rise in the frequency of incidents involving accidental damage from mishandling and loss protection. As per a study conducted by ASSURANT, INC., a global mobile phone insurance provider, in 2019, ~34% of consumers in the US purchased mobile phone insurance providing coverage for more than two years.
Asia Pacific comprises different countries at distinct levels of economic, demographic, and social evolution. Consequently, the insurance regulatory terms also vary remarkably across the market, making it difficult for the insurers to stay updated with changing regulations in the region. The impact of the mobile network operators (MNOs) amid the micro-insurance sector, and the dominance of phone insurance schemes that are provided through retailers are the two key trends that have been accelerating the progress of mobile insurance in APAC. For example, Flipkart and other e-tailers are collaborating with insurance service providers, such as Bajaj Allianz, to offer insurance cover for the mobile phones the sell. These initiatives are projected to substantially drive the mobile phone insurance market growth in Asia Pacific over the forecast period.
The mobile phone insurance market in the countries in the Middle East & Africa and South America is in a growing phase, which presents a strong potential opportunity for mobile phone insurance providers.
Key Findings of Study:
The mobile phone insurance market has been segmented on the basis of coverage, sales channel, phone type, and end user. Based on coverage, the market has been segmented into physical damage, electronic damage, virus protection, and theft protection. Based on sales channel, the mobile phone insurance market is categorized into mobile operators, device OEMs, retailers, and others. Based on phone type, the mobile phone insurance market is segmented into new phones and refurbished phones. By end user, the mobile phone insurance market is bifurcated into corporate and personal. Among the major regions, North America dominated the overall mobile phone insurance market in 2021. However, APAC and the MEA are expected to register significant CAGR in the market during the forecast period. Growing smartphone acceptance and reach in developing economies of Africa and Asia, coupled with the rapidly developing internet infrastructures, is expected to fuel the mobile phone insurance market in these regions in the coming years.
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